However, some fear bitcoin's price rise could be unsustainable. The Futures Industry Association has also complained about the risks of bitcoin futures.īitcoin has risen over 1,000% against the dollar so far this year and the phenomenal rise has led to increased interest from Wall Street. JPMorgan CEO Jamie Dimon has been a vocal critic of bitcoin in the past, calling it a fraud. Several banks such as JPMorgan and Citi have said they will not clear bitcoin futures contracts for clients, at least initially. Over $60 million-worth of contracts were purchased in the first 24 hours but volumes have tailed off significantly. BlackRock’s view is that this isn’t a financial asset like we would trade in terms of equities and fixed-income instruments."ĭerivatives exchange operator Cboe launched bitcoin futures on Sunday evening, giving institutional investors exposure to the digital currency. LONDON - BlackRock has become the latest financial services company to express caution over bitcoin.īloomberg reported that Belinda Boa, BlackRock’s head of active investments for Asia-Pacific, told reporters: "We are seeing sort of bubble-like valuations. Comments come after the launch of first bitcoin futures on Sunday.BlackRock Asian executive says bitcoin "isn’t a financial asset like we would trade.".Account icon An icon in the shape of a person's head and shoulders.
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