Bitcoin is growing up. CME Group, the world’s largest derivatives exchange, said yesterday that it will create a futures contract for trading the cryptocurrency, another sign it is becoming a mainstream financial asset like gold or oil. The news sent the bitcoin price soaring to yet another new record, surpassing $6,500 for the first time.
For crypto-enthusiasts, the CME’s announcement signals that it thinks bitcoin has real-world applications beyond pure speculation. Derivatives exchanges like CME and CBOE Holdings, which also has plans to launch bitcoin futures, can theoretically create options, futures, and other derivatives linked to just about anything, but they usually only do so when there’s a commercial reason for it.
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