If the BTC Price Increases Acutely, it Could Initiate a Global Financial Crisis
The founder and current CEO of Interactive Brokers Group, Inc. — Thomas Peterffy – remarked in new comments to the press he believes BTC futures will drive the bitcoin price up acutely before tanking, thus instigating a global financial crisis the likes of which hasn’t been seen since 2008.
If you are following, news and articles or press releases related to bitcoin, you could have stepped unto hundreds of predictions.
Hailing it as the impending catalyst for a global economic crash, though? That’s seemingly a first for FUD (“fear, uncertainty, doubt”) in the space.
Peterffy [known for “speed trading”] did point out there should be thought of worries on major price swings that fly past the new futures’ 35% margin requirements will cause defaults. Such defaults would in turn cause clearinghouses to experience a liquidity crisis that could spread throughout the global financial system.
“My fear is in the unlikely event something like that happens, we’ll have something like Lehman Brothers — or worse.”
It is fact that in the middle of all the hype and conversations going on about Bitcoin futures, there is much room of speculations. There are various ideas, predictions on how the arrival of the [above mentioned] futures will impact the ecosystem – suppress, bolster or do something completely different to Bitcoin
And now that the first BTC futures have gone live on the Cboe Global Markets exchange as of Sunday, December 10th, the space will see sooner rather than later if a global economic crash is coming.
For now, though, the only thing that’s crashing is the Cboe exchange’s website
With the waves of users which flooded the exchanges, within minutes the value of BTC shot upwards adding another $1,000 in price.