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Monday, December 11, 2017

Experts forced to change their tune on Bitcoin futures - as Wall Street traders place most bets on it going HIGHER...


Some "experts" are eating their words today, as the Bitcoin futures market launched Sunday with some surprising results. 

Futures allow someone to bet on Bitcoin either going higher, or lower - to the surprise of many, bets on it going higher dominated the first day of Bitcoin futures trading.

As recent as 2 days ago, CNBC's Jim Cramer was sounding the alarm, predicting the ability to short Bitcoin would finally be it's downfall, saying:

"I think the short selling is just going to annihilate people when you can start trading it. Once this thing starts trading the futures, they are just going to kibosh it.You’re going to see a lot of shenanigans.”

But what a difference a day makes!  Today Cramer had to make a full 180, saying:

"This is a very big victory for bitcoin last night, and I think a lot of people felt it would be inconceivable that when you had a two-sided market that somebody would come in. We do have other exchanges coming in."  Adding "I was hoping we'd get some price discovery. If this is the price discovery, it can head much higher"

That's right - Cramer went from predictions of Bitcoin being "annihilated" to "can head much higher" all in a span of 48 hours.

Bitcoin futures are currently trading via CBOE under the symbol "XBT".


Karan Sood, CBOE Vest CEO speaking to CNBC today said "As a first day, this was a resounding success".

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Author: Oliver Redding
Seattle News Desk