more ICOs, regulatory guidance in addition to wider acceptance of bitcoin

He also predicted which the cryptocurrency will go mainstream in 2018 in addition to become part of “strategic reserves” in addition to “asset allocation types” around the planet. More consumers will also likely pay for goods in addition to services with bitcoin, he predicted.

Jones Day’s Obie agreed which bitcoin will become more mainstream in addition to an entirely completely new asset class may emerge within the investor community. He referred to the string of announcements through the Chicago Board Options Exchange, Chicago Mercantile Exchange in addition to Nasdaq to offer bitcoin futures contracts.

“I think you’re seeing mainstream regulated exchanges looking at whether bitcoin, in addition to different cryptocurrencies, are asset classes in in addition to of themselves,” said Obie. “Clearly there are people which would certainly like exposure to This specific.”

In July, the U.S. Commodity Futures Trading Commission, which regulates the futures in addition to option markets, approved a swap execution facility for cryptocurrencies. Meanwhile, investors are also waiting to see if the SEC will eventually approve the creation of a bitcoin ETF. The existence of bitcoin futures contracts could increase confidence for the regulator to give its approval, Obie said.

“Having a futures market with cost discovery will enable the SEC to get comfortable which there is usually a regulated market, where pricing is usually showing,” he said. “I think you’re seeing the development of a fourth asset class.”

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