Cboe wins race to launch bitcoin futures contract

Bitcoin chart

The cryptocurrency has experienced a surge in price throughout 2017 that has seen its value rise by more than 1,000 percent.

Bitcoin was trading at Dollars 12,269 at 8:12 AM, according to industry site CoinDesk.

Observers say the increase is due to growing interest from Wall Street, with plans for mainstream markets to offer trading in the currency's futures despite concerns from some in the financial industry about its volatility. CBOE is working with the online brokers to retail investors have been able to start operations with futures contracts on the bitcoin as soon as possible, said the representative of the company.

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Cboe Global Markets Inc. said Monday it will start trading bitcoin futures on December 10, after receiving the go ahead last week from USA futures regulator Commodity Futures Trading Commission (CFTC). In September, he took a hit at the cryptocurrency when he said that it was 'a fraud.' This was later followed up with the argument that it was 'worth nothing,' while also claiming that he would "fire in a second" any employee of JPMorgan's found trading in it. It appears that the momentum is unstoppable and we do think that the 14K level could reach before the bitcoin futures start trading at the CBOE which is on the 11 December.

On December 4, bitcoin had dipped below the previous high of Dollars 11,000, coming off just shy of USD 11,800. Bitcoin now has a total market value of almost United States dollars 203 billion. In comparison, gold is worth an impressive $1.5 trillion.

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