Bitcoin Investors Can Now Bet On The Digital Currency Soaring To $100,000 BTC/USD via LedgerX
- LedgerX will be offering derivatives trading to retail users
- Individuals will be able to bet on Bitcoin price surging ten times from its current value
Although the market has been falling during the last few days, it is now possible for the most bullish individuals to bet on Bitcoin going to $100,000. According to a recent report released by Bloomberg, LedgerX unveiled a new call option that would recompensate those that bet on the virtual currency growing ten times.
Bitcoin Investors Can bet On Bitcoin Reaching $100,000
The U.S. derivatives exchange LedgerX announced that it will allow users to bet on Bitcoin’s price surpassing $100,000 by December 2020. That means that the digital currency will have to increase over ten times from the current price level.
As reported by Bloomberg, this is going to be the first derivative available for retail investors. The company received approval to operate in June by the Commodity Futures Trading Commission (CFTC). During the last years, the firm was offering derivatives to institutional investors interested in the market.
In a phone interview with Bloomberg, the CEO of the company Paul Chou said that what happens in the first trade is generally very important and everybody is watching it.
In addition to it, Chou commented:
“Dozens and dozens of these institutions got back to us saying we’d be interested in trading a contract like this. I understand $100,000 is a large number, but a lot of us who’ve been in this space remember Bitcoin at $1, and then it hit $10 and $100 and $10,000. A $100,000 contract doesn’t even make us blink.”
There are other platforms such as the Chicago Mercantile Exchange (CME) and BitMEX that are trying to offer better services to institutional investors. In addition to it, there are other companies such as the Intercontinental Exchange (ICE) or Fidelity Investments that are also planning to start offering services to institutions and larger investors.
The Intercontinental Exchange is expected to be launching the Bakkt platform in the near future, which is expected to allow larger investors to have exposure to the market through Bitcoin futures contracts.
Currently, Bitcoin (BTC) is being traded under $10,000 after a few days in which it experienced very bearish action. Indeed, in the last 24 hours, Bitcoin fell over 11%.