Those who create these schemes are always ruining it. If you hold gold, gold futures mean nothing to you. All they do is push the price down.
This is what they’re trying to do with Bitcoin. This is not to legitimize it. But to attempt to short the price.
It doesn’t make sense to me however because there’s nothing there. It’s redeemable in USD, not Bitcoin. It’s just a derivative, like betting on the weather.
Whatever your opinion is about Bitcoin or even gold, all of this garbage sitting on the financial system is what makes it volatile and promotes risk, like derivatives and CDOs, CDSs…
CME CEO says bitcoin futures will list second week in December
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