The president and COO of Cboe Global Markets, Chris Concannon, said the major futures exchanges are behind cryptocurrency, and that the company will move forward with launching exchange-traded funds focused on digital currency.
Citing comments made during a conference call to discuss third-quarter results, Reuters reported that Concannon and other executives wouldn’t specify when they will get regulatory approval for a bitcoin-related ETF, which it announced earlier in 2017. Still, Concannon expressed support for cryptocurrency, although executives in the financial markets have expressed skepticism over it.
“Over time, we do envision (our bitcoin) ETF coming to market once the regulated futures market is built and … we’re encouraged by everyone’s focus on this space,” Concannon said, according to Reuters. “Overall, the cryptocurrency space is the space that I think we believe in, and certainly our competitor across town believes in as well, and I’m just encouraged by that validation.”
Concannon’s comments come as the price of bitcoin has been surging after CME, the world’s largest futures exchange, announced it would launch an exchange for digital currency. CME said it would launch bitcoin futures in the last quarter of this year. The group’s backing signaled that the digital currency is on its way to becoming a legitimate mainstream alternative currency, which has sent its value surging.
The increased value of cryptocurrency also comes at a time when some on Wall Street are still refusing to buy into the so-called hype. JPMorgan CEO Jamie Dimon famously called bitcoin a “fraud” recently, and even said, “if you’re stupid enough to buy it, you’ll pay the price for it one day.” His comments have done little to impact the cryptocurrency’s value, which has continually set record highs ever since. CME’s entrance into the market, as well as support from others in the industry, is keeping investors interested in this alternative currency.