WALLSTREET FEARS THAT BITCOIN FUTURES "DESTABILIZE THE REAL ECONOMY"

Wall Street is not too happy about the fact that this year before Christmas will have to open the market of crypto-currency futures. A number of high-profile names from this sphere express their concerns aloud, news.bitcoin.com reports . Their rhetoric makes it clear that Bitcoin and others are not very happy in such a society.
WALL STREET ASKS THE REGULATOR TO SEPARATE THE CRYPTO-CURRENCIES

The purpose of the letter is to ask the Commission on Futures Exchange Commission [CFTC] to set the following requirement: each clearing house wishing to work with any crypto currency or derivative financial instrument will have to do it in a separate clearing system, isolated from other products," wrote Chairman of Interactive Brokers (IB) Thomas Pieterfy.

IB is one of the leading suppliers of derivative financial instruments and services for brokered clearing on Wall Street. The letter was published on November 14, 2017 in the Wall Street Journal as an advertisement.

As reported in a variety of sources, Chicago Merc plans to release bitcoin futures in the last weeks of this year. Among the supporters of Bitcoin, the news was adopted with cautious optimism, but, apparently, in the traditional industry, not everyone would like to see such a financial future.

The open letter, which took up the whole page of the ad slot, referred to the chairman of the CFTC, J. Christopher Giancarlo. It warned about the fact that the fate of capital markets is at stake. Mr. Peterfi has called for the isolation of bitcoin futures, so as not to risk the possibility of "destabilizing the real economy".
CRYPTO-CURRENCIES ARE QUITE "NOT RIPE" YET
The letter also says the following: if CME "will clear the crypto currency with other products, a large price movement of the crypto currency destabilizing the participants clearing the crypto currency will destabilize the clearinghouse itself and its ability to fulfill its basic obligation to pay the winners and collect money from the losers for other products in the same clearing pool. "

The crypto currency has no mature, regulated and tested base market," continues to criticize Peterfy. "Products and their markets have existed for less than 10 years and have very little (if any) attitudes to any economic conditions or realities in the world.

Undoubtedly, here the tycoon of derivative instruments refers to the movement "up, down and quickly again up", characteristic of the Bitcoin price. For many current financiers, such volatility violates almost all historical precedents, not to mention technology or other disputes around the crypto currency.

This resonant advertising campaign is the second one for Mr. Peterfi. In 2012, he spent millions on television advertising during the presidential election. Then he lamented over what seemed to him the growth of socialist sentiments and said what now seems ironic:

America is rich thanks to the efforts of people who are hungry for success. Take away their incentive by untruthful criticism, and you take away the wealth that helps us take care of the poor.