Terry Duffy adopts ‘wait and see approach’ with Bitcoin before considering other cryptos
Terry Duffy, Chief Executive Officer at CME Group Inc. was asked by Bloomberg’s reporter Caroline Hyde, about the future of Bitcoin in terms of other crypto assets. Duffy, who has been in the industry for 38 years now, said since they listed Bitcoin, although it has “got the most recognition of any other product”, but it “might have been the most controversial launch of a product” he has seen in his entire life.
Why is Duffy sending a word of caution?
CME Group Inc., a leading exchange operator that functions in the American financial market, started offering Bitcoin futures in December. CME has five times larger contracts than its many of its competitors. Being a part of such a leading company and administering all the operations, has made him urge the “average person”, who has never participated in the “derivative contact” to trade the Bitcoin futures “because it is highly volatile and it is new.”
The ‘Wait and See’ approach
Duffy had previously cautioned that the company will be careful with the introduction of other cryptocurrencies and now stated: “Six to eight months as a listing of Bitcoin is not a good parameter to judge the future of other cryptocurrencies.”
Holding the reputation of his organization tall and strong, Duffy is of the opinion that CME won’t be adding any other cryptocurrency until and unless they are assured of the current one. “I will not just put products up there to see where they’re going to go. I will take a wait and see approach with Bitcoin for now.”
When asked about the Bitcoin flows, Duffy said that the flows are generally coming from all across the globe but they are, “not seeing huge flows regardless and that’s OK.
“This is going to take some time one way or another and we’ll do it the right way.”
Image via Wikimedia Commons
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