The rise comes amid growing interest from institutional investors in cryptocurrencies, that till recently were viewed with relative disdain by figures within the world of ancient finance.
CBOE world Markets, the Chicago-based choices and derivatives exchange, on Monday proclaimed plans to launch bitcoin futures contracts next week. Its rival CME cluster has already proclaimed plans for an identical product.
JPMorgan aforesaid Associate in Nursing exceedingly|in a very} note sent to purchasers last week that futures contracts had “the potential to elevate cryptocurrencies to an rising plus category.”
“The worth of this new plus category could be a operate of the breadth of its acceptance as a store of wealth and as a way of payment,” the analyst Nikolaos Panigirtzoglou and his team aforesaid within the note. “Simply deciding by alternative stores of wealth like gold, cryptocurrencies have the potential to grow afar from here.”
Panigirtzoglou’s optimism comes despite a documentation of negative comments concerning bitcoin from JPMorgan chief executive officer Jamie Dimon. In Sep, Dimon referred to as bitcoin a fraud he aforesaid was “worse than liliaceous plant bulbs,” a regard to the speculative bubble within the European country within the seventeenthcentury.