[2017-12-10] Swiss Banks Encouraged By Bitcoin Futures

[Terraformer]

Representatives of two Swiss banks that offer bitcoin products, Falcon Private Bank and Vontobel Holding AG, are high on bitcoin’s future due to the pending introductions of bitcoin futures in the U.S., according to Bloomberg. The banks believe the futures contracts will usher in more digital currency products.

Cboe Global Markets Inc. will introduce its bitcoin futures on Sunday, while CME Group Inc. will offer a similar product on Dec. 18. Bitcoin hit a $17,000 record price on Friday, marking a 1,500 percent gain for the year.

Investors Mixed

Vontobel customers offer mixed opinions about the futures contracts, said Heiko Geiger, executive director of the Frankfurt-based bank. Some see the futures contracts as a path to mainstream financial markets, while others believe bitcoin is a bubble that will collapse.

Some investors want more liquidity in the market, which futures contracts support, while others plan to short sell bitcoin, he said. Overall, he said customers are bullish.

Vontobel offers a type of derivative called participation certificates that permit bets on the action of digital currency. Geiger said there is a lot of turnover in its bitcoin products.

Falcon allows customers to invest in bitcoin directly.

Switzerland has become known as a cryptocurrency hub. It is the home of the Ethereum Foundation. One Swiss city, Zug, has piloted a project allowing people to pay for government services in bitcoin.

This past March, the Crypto Valley Association launched, backed by the government, to support cryptocurrency startups and establish companies through policy recommendations, organizing conferences and hackathons, enabling researching programs and more.

Futures Contracts Encouraging

The futures contracts are viewed as a game changer for bitcoin since professional investors in general have not been willing to engage in the unregulated platforms that bitcoin currently trades on. Both Cboe and CME are regulated, addressing the concerns of some investors.

Ivo Sauter, Falcon’s head of operations and trading, said the bank will double down on bitcoin products next year.

https://www.cryptocoinsnews.com/swiss-banks-encouraged-bitcoin-futures/

[iamTom123]

We should be expecting that these people in Switzerland would be introducing their own version of the Bitcoin Futures soon as they don't want to be tailing behind this new development in USA. And I am sure they can also be offering many creative products all tied to Bitcoin and even other cryptocurrencies as well. Switzerland is a country where Bitcoin is expected to boom soon and can be the hub of cryptocurrency in that side of the world. Known to be the place if you want your deposit to be a big secret, it is now also finding its place in the cryptocurrency movement which is quite compatible of what this new trend is representing. I am very much excited to envision of the near-future in cryptocurrency with the Swiss taking the lead. 

[Qartersa]

Now everybody is bandwagoning (if such is a word) bitcoins now. Another gold rush but in the form of digital assets. "Get it while it's hot" phenomenon. Maybe this is good, since this will likely bring bitcoins into a mainstream feel to the masses and would eventually educate everyone about it. Maybe the established financial institutions would also offer this around the world. If there would be this much movement then likely bitcoins would hit mainstream in no time, and possibly the future satoshi dreamt of will come true. A world were bitcoin is used as a currency and not just for speculative investments.