After years of absolute stubbornness opposing cryptocurrencies, mainstream financial institutions seem to have finally thrown in the towel. In what is as surprising to many as it is delighting to digital currency enthusiasts, established financial organizations are suddenly jostling to offer Bitcoin-based investment opportunities.
For the first time, Bitcoin futures are among the first lucrative ventures offered by traditional banking institutions and trading institutions. After the good people of Japan demanded more exposure to cryptocurrencies, the latest to join this growing trend is Tokyo Financial Exchange – a surprise entrant!
Who else thought banks, which have always stood in the way of Bitcoins, would eat their works?
For years, they were at the forefront, fervently saying cryptocurrencies are a scam and unworthy. However, barely a month to 2018 and the face of digital currencies expected to gain value even more, Tokyo Financial Exchange introduces what everyone never expected.
Futures contracts often introduce more price volatility, but such a move is undoubtedly laudable. It exposes institutional investors to the ‘cryptosphere’ and the surprising results expected to be achieved in the future.
What It Means To Crypto Enthusiasts
Tokyo Financial Exchange’s Bitcoin futures products are expected to be rolled out from the beginning of 2018, although a specific date is yet to be announced. This corporation is among Japan’s large financial exchanges today, and the happening confirms how bright the future of cryptocurrencies is.
The developments follow hot on the heels of CBOE and CME who gave in to the Bitcoin-related whirlwind recently. Incredibly, this isn’t the only good news from Tokyo Financial Exchange. The company will be forming a taskforce whose task will be to understand more about cryptocurrencies, monitor futures market and discover ways of improving the product.
While many other countries still oppose cryptocurrencies, Japan is one of the few countries that accept Bitcoins as legal tender, and that is why this move is expected to encounter little hurdles. But it is no longer undeniable that BTC has a growing list of the audience from all parts of the world.
Bitcoins have been making headlines and shocking naysayers and skeptics alike, growing at unprecedented rates and surpassing every hurdle it meets. Its growth isn’t perfect, but it appears like an excellent speculative vehicle.
Tokyo Financial Exchange’s futures contracts will assuredly have an impact on the Bitcoins as a whole. However, whether this will leave a positive or negative ripple effect is what many will want to know.