CBOE will be first to trade bitcoin futures

The CBOE Futures Exchange will start trading bitcoin futures Sunday, making it the first traditional exchange to allow investors to bet on the future price of the digital currency.

The exchange announced Friday that it would begin offering bitcoin futures trading, but it didn’t specify a start date. CBOE said Monday that trading will open at 5 p.m. on Sunday, Dec. 10, with Dec. 11 as the first full day of trading.

The Chicago Mercantile Exchange also said Friday that it will start offering bitcoin futures trading on Dec. 18. Several media outlets have suggested that the Nasdaq Stock Market will also soon begin trading futures of the digital currency, but the exchange has not yet confirmed that.

CBOE, CME to jump into bitcoin futures trading »

Bitcoin has been a hot commodity for investors. Its price has jumped more than tenfold this year. But because it is not regulated by a single country or entity like the European Union, it can be extremely volatile. And many observers fear that the currency’s bubble could burst, especially if governments move to crack down on its use or otherwise regulate it.

The Commodity Futures Trading Commission said it had discussions with the exchanges to protect consumers from extreme price swings. The exchanges have agreed to “self-certification,” or a pledge that the new instruments will not break federal securities laws.

Bitcoin was created in 2009 as an alternative to government-issued currency, and can be purchased through online marketplaces. One bitcoin was worth just a fraction of a penny when it started trading in 2010, and by the start of this year was worth $1,000. It is now worth more than $11,000.

[email protected]

Twitter @SamWillTravel

Copyright © 2017, Chicago Tribune
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