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/biz/ - Business & Finance

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4959677 No.4959677 [Reply] [Original]

From what I understand JP Morgan will buy futures of bitcoin. The futures today, they're aimed more towards companies where it's illegal to purchase actual bitcoins, so they use the loophole of futures. So today wasn't really anything since it's not a business day. Which means Monday morning it'll be wild?

I assume this means bitcoin will go up a lot?

>> No.4959695
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4959695

>>4959677
hopefully, will have to sleep now and see tomorrow

>> No.4959842

>>4959695
I'm interested to see if it jumps like crazy the effect it has on LTC. If it's big, I assume that's normies switching over on gdax.

I'm wondering if the normies switched when BTC went to 13k and now love LTC since they made a nice profit on it

>> No.4959928

>>4959842
im hoping normies who get in for btc start buying the shit out of eth and ltc so i can make a tidy profit on my bags

>> No.4959961

>>4959842
normies buy BTC and hold it on coin base you retard
LTC pump is smart money switching

>> No.4959975

>>4959677
>companies where it's illegal to purchase actual bitcoins

clarify

>> No.4960002

>>4959975
Lack of regulation is a major issues when investing on behalf of other individuals (i.e asset management), and without proper legal backing it makes it very risky to do. Not sure if it's actually illegal though..

Futures just allows a safety net whilst providing the same opportunities.

>> No.4960045

>>4960002
OK good point. I know funds were already doing it, but futures obviously makes the buying easier. The selling was the more difficult part, you can't cold storage a short and the exchanges are all shit tier

>> No.4960063
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4960063

>>4959677
jp morgan and the other banks bought bitcoin at 3k are you a fucking newfag?

>> No.4960072

>>4959677
Didn't Jamie say he would fire JP Morgan traders caught trading bitcoin?

>> No.4960107

>>4960072
Different situation

>> No.4960110

>>4959975
it's not a regulated financial mcStock™ which means all the finance people can't buy without paying big fines and going to jail. the regulations serve to prevent them from buying stupid shit. Also because it would be dumb as fuck for a finance company to have a big bunker full of corn, oil or steel and deliver these products, so why not reduce the cost of actually buyin/transporting something and just play with it on paper? Hence the existence of futures, options etc

>> No.4960146

>>4960072

As someone who works at JP I can tell you that rule is to do with "speculating" on cryptos, which is open to interpretation. In most banks employees are forbidden to speculate on anything regardless of asset class.