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Elite Investment Bank Goldman Sachs to Clear Bitcoin Futures for Clients

According to Bloomberg, Goldman Sachs will be clearing Bitcoin futures contracts for at least some clients when futures markets go live on December 10 (CBOE) and December 18 (CME). This is major news, since the soon-to-be-released futures markets are of little use without banks and brokerage firms actually using the platforms to trade.

Goldman joins brokerage firms TD Ameritrade and Ally Invest in offering clients access to the new Bitcoin futures products. Even serial-naysayer JP Morgan Chase is considering offering Bitcoin futures to clients.

Bloomberg cited an unnamed source “with knowledge of the firm’s plans,” saying that Goldman Sachs will be offering client trades on a case-by-case basis. Tiffany Galvin, spokeswoman for Goldman, wrote:

“Given that this is a new product, as expected we are evaluating the specifications and risk attributes for the bitcoin futures contracts as part of our standard due diligence process.”

Goldman CEO Lloyd Blankfein is reportedly cautious, but open to the idea of Bitcoin, unlike many of his banking counterparts such as Jamie Dimon. Blankfein has written:

“I read a lot of history, and I know that once upon a time, a coin was worth $5 if it had $5 worth of gold in it. Now we have paper that is just backed by fiat…Maybe in the new world, something gets backed by consensus.”

Extremely important

Goldman Sachs is considered one of the most elite investment banks in the world, attracting the best finance experts and the wealthiest clients. The firm is also known for its “revolving door” – wherein Goldman executives move back and forth from the bank to government service and back again. In fact, the process is so entrenched that the bank is sometimes referred to as “Government Sachs.”

Goldman executives-turned-government-employees include Treasury Secretary Steve Mnuchin and Deputy Treasury Secretary James Donovan. President George W. Bush appointed former Goldman CEO Hank Paulson as his Treasury Secretary. The revolving door of Goldman appointees in government gives bankers from the firm a great deal of influence in the development of policy and regulations.

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JP Morgan Strategist Says Regulated Futures Markets Give Bitcoin Legitimacy

Given the strong views of JP Morgan CEO Jamie Dimon on Bitcoin, it is ironic that a global markets strategist at JP Morgan has come out with a note saying that regulated futures could give legitimacy to Bitcoin

Seal of approval

The decision of US regulators to allow Bitcoin futures to trade on the Chicago Mercantile Exchange (CME) has pushed Bitcoin into mainstream finance. CME obtained the regulators’ go-ahead after self certification, having assured the US CFTC that the products will follow existing law. The move could allow financial institutions with restrictive mandates to take Bitcoin exposure.

Nikolaos Panigirtzoglou, a global markets strategist at JP Morgan, also feels that the move could give legitimacy to Bitcoin. In a note to investors, he said:

The prospective launch of Bitcoin futures contracts by established exchanges in particular has the potential to add legitimacy and thus increase the appeal of the cryptocurrency market to both retail and institutional investors

Analyst’s views conflict with CEO

CEO Jamie Dimon has strong views about Bitcoin: he believes the currency is a fraud and has even threatened to fire anybody who is “stupid enough” to buy it. He has ranted that governments will shut Bitcoin down and that the currency is in a bubble which will wreck investors.

Dimon is not alone in his views – other industry titans like Warren Buffett have said that Bitcoin is best avoided. However, that hasn’t stopped the currency’s price from climbing to new levels.

Panigirtzoglou seems to have taken a view diametrically opposite to that of his boss, calling Bitcoin a new asset class:

The value of this new asset class is a function of the breadth of its acceptance as a store of wealth and as a means of payment and simply judging by other stores of wealth such as gold, cryptocurrencies have the potential to grow further from here.

JP Morgan – BAU in spite of Jamie’s Views

In spite of Jamie Dimon’s views against Bitcoin, JP Morgan seems to be making the most of the opportunity presented by the currency’s rise. The bank recently invited Bart Stephens, a tech venture capitalist, to give a talk on Bitcoin at JP Morgan San Francisco. Stephens presented to fund managers and clients, even as Dimon slammed Bitcoin.

The comments made by Jamie Dimon against Bitcoin resulted in a dip in its price, which coincided with JP Morgan buying units of a Bitcoin tracker fund. This has resulted in a market manipulation case against Jamie Dimon in a Swedish court. After CME announced the launch of Bitcoin futures, JP Morgan surprised observers by announcing that it may add Bitcoin futures to its own list of offerings. When opportunities for money making exist, there are no untouchables for the big banks.

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‘It’s An Orgy!’ Industry Reacts To US Bitcoin Futures Go-Ahead

“It’s an orgy” is how one strategist described the breaking news that US regulators have approved Bitcoin futures to start this month.

The US Commodity Futures Trading Commission (CFTC) confirmed Friday that CME Group and CBOE had met the requirements for regulated trading, while Cantor Exchange would also be able to debut Bitcoin binary options.

The news quickly rippled out across the industry and media, with a stream of delighted bullish statements gracing Twitter and other platforms.

Bitcoin prices are reacting in kind as of press time, with a surge towards $11,000 well underway. Bitcoin has gained $700 in a matter of hours, with another $600 to go before all-time highs of $11,360 seen earlier this week are challenged.

Curious alternative responses are meanwhile coming from the likes of Digital Currency Group CEO Barry Silbert.

Speaking on CNBC about the futures approval, Silbert told the audience they should look to take profits from the price rally and put them into Ethereum Classic and ZCash.

“I think it is going to enable finally the approval of Bitcoin ETFs, and other digital currency ETFs, which is game-changing,” he added.

Ethereum Classic is currently among the biggest successes of Bitcoin’s huge price increases this week, with today’s reversal generating near 30 percent growth for the altcoin.

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Chicago Board Options Exchange to Launch Bitcoin Futures, Announces Specifics

The Chicago Board Options Exchange (CBOE) has released its new Bitcoin derivative contract specifications in late November 2017, with the product itself to be introduced in the market in the next few weeks. With the move, the exchange follows other financial institutions in introducing Bitcoin futures products.

The CBOE will use the XBT ticker for its new products. The ticker is exactly the same as the one being used by Bitcoin exchange Kraken in its platform. It is also expected that CBOE will introduce different types of contracts in the near future in its bid to secure a major market share quickly. The product launching, however, will be mainly dependent on the performance of its new products.

High demand for Bitcoin-based financial products

The demand for Bitcoin-based financial products is very high right now because of the continuous surge in the price of the number one cryptocurrency. Several financial institutions have also taken a complete turnaround on their assessment of Bitcoin.

Among them is Goldman Sachs, which is now advising its investors not to ignore Bitcoin anymore. This is a complete about-face by the investment bank, which has previously criticized the digital currency.

The high demand for Bitcoin futures and derivatives products is resulting in very tough competitions among industry players. With the entry of CBOE, competition is expected to intensify further because the exchange is the biggest of its kind in the US. It remains to be seen, however, if the exchange can outperform its competitors in this area.

To effectively compete, there are issues that should be resolved by the exchange. Among these issues is how to relate its contracts to spot Bitcoin pricing. The exchange previously announced that it will extend its trading hours and all its Bitcoin-related transactions will be settled in cash. Whether these strategies are effective, however, remain to be seen.

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Massive Hedge Fund Likely to Begin Trading Bitcoin

Reuters reports that Man Group, a UK-based hedge fund, will be getting involved in Bitcoin trading if CME Group’s plans to open a regulated futures exchange are approved. According to Business Insider, Man Group is “one of the largest hedge funds in the world” and the fund’s website points out that they manage $103.5 bln in funds.

Massive Hedge Fund Likely to Begin Trading Bitcoin

Even a fraction of $103.5 bln could make a big impact on the markets, but more important, Man Group’s announcement continues to solidify digital currency as being worth of Wall Street’s attention. Bitcoin in particular is finding more and more acceptance in traditional markets. Likewise, futures markets and hedge fund involvement create more on-ramps into the mainstream financial system and more ways for large but cautious investors to get involved.

Hedge funds are only open to accredited investors, that is, those whose net worth exceeds $1 mln. However, such funds have a much wider latitude to trade whatever types of assets or instruments it thinks would be profitable for its clients. Mutual funds, on the other hand, are open to regular retail investors but have greater restrictions as to how they can invest their funds.

The holy grail for retail investors would be an exchange traded fund, or ETF. A Bitcoin ETF would allow ordinary investors to easily gain exposure to Bitcoin by adding it to their brokerage or retirement accounts. Greater acceptance by Wall Street and greater liquidity on regulated futures markets, such as CME’s, will almost certainly usher in an ETF.

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