Bitcoin at the CME: Interview with the CEO of Bitstamp, Nejc Kodrič

It is no secret that the Chicago Mercantile Exchange (CME), the largest commodities market in the US. UU., Has confirmed that it will add Bitcoin's futures operations in the fourth quarter of 2017. The price of Bitcoin jumped substantially in the news, reaching historical highs of more than $ 7,500.

To determine the price of the exchange, CME has created the Bitcoin Reference Rate (BRR) that serves as a once-a-day reference rate for the dollar price of Bitcoin in US dollars. This price is established through four exchanges, Bitstamp, GDAX, itBit and Kraken.

Cointelegraph met with the CEO of Bitstamp, Nejc Kodrič, to better understand what the addition of Bitcoin futures will mean to the cryptocurrency market as a whole.

Cointelegraph: Thank you for taking the time to help us think about this important step for Bitcoin. First, do you see Bitcoin more as a commodity or currency, and why?

Kodrič: While Bitcoin has some currency characteristics, it can be used as a means of exchange and you can facilitate transactions with it; It is also being traded as a commodity.

CT: Why is it so important for Bitcoin that it be added to the CME?

K: Definitely is another significant step, perhaps the most significant step to date in the professionalization of the asset class. The launch of Bitcoin futures from the CME will also pave the way for more financial products related to cryptography.

CT: How is Bitstamp involved in this addition?

K: Bitstamp is one of the four exchanges and trading platforms that will provide pricing data for the BRR through joint work with Crypto Facilities Ltd. In reality, we have provided data for over a year while studying the possibility of creating a Bitcoin futures market.

CT: Why is this role critical to the general process of adding the CME?

K: The exchanges that provide the pricing data must have solid systems to detect and prevent any possible manipulation of the market. It is essential that we make sure that all data provided does not include any form of manipulation that may affect the index. We are proud to have earned the trust of the industry and have been chosen to be part of the new Bitcoin futures market.

CT: How do you see these latest news about CME affecting Bitcoin, in terms of price?

K: No comments.