Many have questioned the rally by crypto assets this year, the media and much of the financial community remained sceptical and compared the monumental growth in values to past market bubbles, and in some cases to ponzi schemes. Main street remained defiant and defended the legitimacy of coins with fury and every market crash was seemingly followed by a rally more powerful than before. In the end, Wall Street has somewhat surrendered and in mere days, the CME will finally launch Bitcoin Futures.
Will this be the end of Bitcoin as we know it? Since now there will be an honest way for Wall Street giants and hedge funds to short the product…no one knows. To be honest, anyone who tells you otherwise should really take a long hard look at themselves. No one knew Bitcoin was to fly past the $ 1,000 mark, make a few stumbles along the way around the $ 5,000 mark and then carry on way past the $15,000 level. So is it a bubble?
I don’t think so, but it is a speculator’s dream and should not be viewed as anything more than that. Whether or not the decision by the CME to create a futures market is a Machiavellian way for the Wall Street to realign the Bitcoin fortunes towards the financial community remains to be seen. Still, it doesn’t mean that I’m not tempted by the potential price appreciation that it can bring, but then I’m honest enough to admit I am ready to risk and lose it all in the process of riding the wild dragon that is Bitcoin.