Dec 2, 2017

How Wall Street is adopting bitcoin

"Even as investors celebrate a banner year for stocks, the [Bitcoin] party next door is so wild there's no longer any way of ignoring it" ... Barron's cover story by Avi Salzman:

  • "The crypto-rocket shot past $11,000 [this] week just hours after eclipsing $10,000, which itself was mere days after pushing past $9,000. It then slid sharply before surging yet again."
  • "Now Wall Street is about to join in the fun. On Friday, the Commodity Futures Trading Commission green-lighted plans by the CME and the Chicago Board Options Exchange to introduce Bitcoin futures ... Nasdaq is planning to offer its own futures next year, while Cantor Fitzgerald will introduce a Bitcoin options product."
  • Why it matters: "[G]etting listed on some of the largest exchanges in the country is a tectonic shift for Bitcoin, which has been associated with drug dealing and called a 'fraud' by the chief executive of the nation's largest bank."
  • But, but, but ... "Because the futures are cash-settled — traders will receive dollars on the settlement date instead of Bitcoin — the Street technically won't be getting its hands dirty by buying the stuff directly."
  • "[T]here is a flip side ... extreme volatility, operational risk, security challenges."

Go deeper

Updated 13 mins ago - Politics & Policy

U.S. enters 6th day of nationwide protests over George Floyd's killing

A protest in Philadelphia on May 31. Photo: Mark Makela/Getty Images

Local news footage captured a tanker truck appearing to drive toward protesters at a peaceful demonstration in Minneapolis, as demonstrators quickly got out of the way of the incoming vehicle on Sunday evening.

The big picture: Protests have continued across the country for six days, as demonstrators call for justice in response to the deaths of George Floyd and other other black Americans who have died in police custody or who have been killed in racist attacks.

Updated 20 mins ago - Politics & Policy

Tanker truck appears to plow into Minneapolis protesters

A tanker truck appears to have driven toward thousands of protesters during a demonstration in Minneapolis, video from the scene shows.

Details: Minnesota Department of Public Safety tweeted, "Very disturbing actions by a truck driver on I-35W, inciting a crowd of peaceful demonstrators. The truck driver was injured & taken to a hospital with non-life threatening injuries. He is under arrest. It doesn’t appear any protesters were hit by the truck."

Inside Trump's antifa tweet

President Trump at Cape Canaveral on May 30. Photo: Paul Hennessy/SOPA Images/LightRocket via Getty Images

As recently as Saturday night, senior administration officials told me that the designation of a violent cohort of far-left activists, antifa, as a terrorist organization was not being seriously discussed at the White House. But that was Saturday.

Behind the scenes: The situation changed dramatically a few hours later, after prominent conservative allies of the president, such as his friend media commentator Dan Bongino, publicly urged a tough response against people associated with antifa (short for "anti-fascist").