In other irrational investor news, see People are taking out mortgages to buy bitcoin, says securities regulator (CNBC) and Is Bitcoin the Most Obvious Bubble Ever? (The Atlantic)
"Proponents reckon that the entry of two big, regulated United States exchanges bolsters the legitimacy of Bitcoin. It certainly broadens the universe of possible investors, and it invites the creation of new exchange-traded funds, which need a liquid benchmark to track. That would bring Bitcoin exposure to retail investors.
Yet the Futures Industry Association, which represents clearinghouses and big banks, is apprehensive about the light regulatory scrutiny so far. And making the contracts cash-settled means the exchanges — and their customers — can now ride the Bitcoin bandwagon without touching the cryptocurrency at all."Bitcoin Futures Set Scene for More Gambling - The New York Times
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