Deutsche Bank Executive: Bitcoin Isn’t Going Anywhere

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According to some of the executives at Deutsche Bank, the digital currency is not going anywhere soon and it is here to stay for a long time. The executives of the bank are in agreement over this, at a time when the Bitcoin is continuing to gain in the recent times. Peter Hooper, who is an economist at Deutsche Bank, was seen telling to Bloomberg at the Manhattan global market outlook breakfast on Tuesday.

He added, “The whole idea has a potential future, but it could be better designed. Ultimately, we are going to have to find a way to accommodate and regulate to avoid the problems.”

Recently the first U.S. regulated exchange has launched its Bitcoin futures extract that enables investors for the first time in history to bet on the bitcoin’s price. Cboe Global Markets, a Chicago- based exchange is helping the digital currency to become normal in the regulated environment after it has received a regulatory approval from the U.S. Commodity Futures Trading Commission (CFTC). CME Group, other Chicago- based exchange, is going to launch its Bitcoin futures contract once they get approval from the CTFC.

 According to Hooper, the digital currency has great potential going ahead in future as more and more people are investing in it. One of the examples of it being further realised is its convenience to send money anywhere in the world without the user having to pay high fees for the transaction. Hooper said, “This has a long way to go to compete with existing money supplies, but there are questions about financial stability.”

But there are some people, who are not happy with the circumstances revolving around the cryptocurrency even though there is a considerable amount of interest from the people across the world. One of the famous individuals no happy is JP Morgan Chase CEO, Jamie Dimon. H said in the month of September that the whole idea of the cryptocurrency is ‘a fraud’ and it was ‘worth nothing.’ Even back at that time, he was not happy and he has not changed his views since. He has not said anything regarding the digital currency except the argument that he doesn’t think that the currency will have a future and there will be no long run for it.

In addition to the above, the Futures Industry Association (FIA), with members including the executives of Goldman Sachs and JPMorgan Chase, has sent an open letter to the CFTC challenging the regulatory approval. The reason given by them was that the launch of futures contract was too quick and it did not give enough time to review it. But the chairman and CEO of Cboe, Ed Tilly argued that the regulator and the exchange were working cooperatively on all levels from a long time to bring the product to the market. They were also continuing to work together for further improvements. Tilly said that since the futures were launched, everything was going according to the plan.

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