Citizens using Bitcoin as gold as a haven says CME’s c...
Bitcoin

Citizens using Bitcoin as gold as a haven says CME’s chief executive officer

Terry Duffy, the Global Chief Executive Officer for CME, has stated during a talk that he thinks citizens “use bitcoin much as cash” as a haven.

In the CNBC’s Closing Bell interview, Duffy compared cryptocurrency flagship with precious metal, a haven for many millennia, as BTC prices were rising as equity markets were shaken.

I think it’s more a haven, close to the gold trade … We see more people involved with bitcoin.

Duffy’s words responded to a question on the price performance of Bitcoin so far this year as cryptocurrency in January soared above 30%, the highest in the first month of the year since 2013. Various analysts think that the price of Bitcoin has risen due to a coronavirus outbreak that has shaken markets over its potential impact on economic growth.

CryptoGlobe notes that the Bitcoin futures have been released by CME at the beginning of this year and have exchanged about $2.33 million in a minimum of 55 options contracts in the opening sessions. At the time Tim McCourt, head of the CME’s global equity index products, noted that it “takes time to expand any new market.”

Duffy suggested that it has organic growth in approaching CME’s Bitcoin-related products, thus incorporating the whole crypto-currency community. Bloomberg analyst Mike McGlone has said in the past the CME’s options of the Bitcoin future are a’ significant step towards the introduction of Bitcoin.’ Mcglone, notable, said in his earlier report that he assumes that Bitcoin is’ winner of the acceptance battle.’

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