by Victoria Wagner Ross, Featured Contributor
TERAEXCHANGE, a registered swap execution facility in Summit, N.J. announced last Friday that it is providing the first regulated bitcoin derivative for the growing demand for hedging Bitcoin.
Leonard R. Nuara, co-founder and president, of the TeraExchange exchange states that the new bitcoin platform provided by the facility will bridge the gap between the existing bitcoin ecosystem and the investors interested in the digital currency.
In order to meet the need of hedge fund traders, miners and global merchants for a hedge fund tool. Six months, since it was first announced last March 24 TeraExchange went through the process to receive approval from the Commodities Futures Trading Commission (CFTC). All bitcoin trading and swaps will be subject to the rules of the CFTC.
Aside from the launch of the first Bitcoin derivative, Amagi Metal CEO Stephen Mascalli announced last Friday that his company will cease use of the U.S. dollar in 2017.
It is not a publicity stunt. His view of the U.S. dollar and its impending financial meltdown is due to the debt as the main reason for his decision. While sharing his views with other mint and metals dealers, he is concerned about the situation and action for transition is needed immediately.
Mascalli has a fear of a complete breakdown to anarchy after a cataclysmic collapse of the dollar. His attitude is to prepare and be safe than sorry later. His epiphany came at 3 am. Thus far he has received support from dealers.
While many providers and gold dealers still do not use email and computers, Mascalli was processing $30-40, 000 a day in 2013.
Richard Branson who is on record to entering the Bitcoin market early on has viewed Bitcoin as a necessary option for his customers who book seats on his space shuttle said, “I am not foolish, if people have got lots of bitcoins and they want to go to space, I would much rather they spend that money on our spaceship […] a Virgin Galactic spaceship than on, you know […] Elon [Musk] will be sending people to space one day on Elon’s spaceships, so we’ll grab the money while it’s there.”
Branson has also participated in the largest-ever funding round for a bitcoin company when he invested in BitPay.
Bitcoin plays a very important role in the future. If you have read “The Death of Money” by James Richards, renowned financial expert with a keen understanding of global derivatives, has stated that the risks are too big to ignore. He cites Washington gridlock, China, Russia and oil producing Middle East would want to see an end to the U.S. monetary hegemony.
ISIS has been tracked as opening bitcoin wallets and use of it to purchase their needs online.
It is becoming a reality that cryptocurrency will be part of the global financial system in the very near decades. Bitcoin will be a part of that future.