Bitcoin Surges as CME Plans to Introduce Bitcoin Futures

Bitcoin Surges as CME Plans to Introduce Bitcoin Futures

The popular cryptocurrency managed to hit a new record price of $6915 and a market cap valuation of over $115 billion at the time of writing.

So with bitcoin illustrating a new level of maturity, where can we expect to see the cryptocurrency in the next 10 years?

The digital currency hit a new all-time high of United States dollars 7,067.54 on Thursday, as per CoinDesk's Bitcoin Price Index valuing it at USD 118 billion.

The most popular and well-known cryptocurrency, Bitcoin, has been taking the headlines today due to the vast strength it has and surging to another high at $7,000.

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"Given increasing client interest in the evolving cryptocurrency markets, we have chose to introduce a bitcoin futures contract", said Terry Duffy, CME Group Chairman and Chief Executive Officer. The fact that the digital currency is widely used around the world either as a trading asset or as a payment choice indicates its usability and growing dominance. The futures, whose launch is subject to regulatory approval, will be based on the CME reference rate. A government panel has reportedly recommended shutting down cryptocurrency dealers operating in the country to put an end to use of cryptocurrencies such as Bitcoin. Speaking at a Consensus 2017 conference in NY in May, his speech included a prediction that bitcoin's value would rise to $1 million within the next 10 years.

This week the cryptocurrency market reached a new record high. The report suggests that Chinese regulators believe that Bitcoin might become a potential threat to the central bank of China, as it could potentially replace the official currency Yuan in daily transactions of citizens. The concern of true believers is that absorbing bitcoin into the global financial system would destroy its value.

These are just a few and widely varying, examples of where the bitcoin's value could head to in the next decade.

Editor's Note: Since this article was published, bitcoin prices have changed dramatically.

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