Bitcoin takes its first steps on the Chicago Stock Exchange :

The Chicago Stock Exchange ushered in the first bitcoin futures market. A recognition of the world of finance but which remains incomplete. It is not possible to exchange bitcoins directly for dollars.
It was the Chicago Stock Exchange that took the first step. After a crazy 2017 for bitcoin - whose value has been multiplied by 16 in one year - the Chicago Board Option Exchange (CBOE) inaugurated the first futures market for the famous dematerialized currency, Sunday, December 10, just before 9 pm

In just three hours, just over 1,000 transactions were made on this new-style stock market. Bottom line: Investors estimate that bitcoin will be worth $ 18,220 in early 2018 (up from $ 16,000 on December 11), according to data provided by the CBOE.

But the recognition is not there yet: the Chicago Stock Exchange does not go so far as to exchange bitcoins directly for dollars. This is not a proper foreign exchange market.

A very select club

Investors exchange dollar contracts indexed to the value of the paperless currency at a given time (in a week, a month). This is a kind of bet on the future: the buyer pays the seller the price (in dollars) of what he believes is the value of the bitcoin at maturity. If the price is finally higher, it makes a profit, while it loses money if the evolution of the bitcoin is lower than the fixed price.

The decision of the Chicago Stock Exchange also illustrates the beginning of a professionalization of transactions around this currency, eight years after its creation. Individuals do not have access to this market place. Only banks like JP Morgan, Citigroup or Goldman Sachs can bet on these futures contracts.

If the club is also select, it's because these speculations are risky. The Commodities and Futures Trading Commission (CFTC) warned in early December against the high volatility of bitcoin, that is to say, its tendency to yo-yo.

The Chicago Stock Exchange has also put in place safeguards to prevent slippage: price changes that exceed 10% result in a temporary suspension of quotations. A mechanism that has been applied twice since the first trading session.
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