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CME Group's Leo Melamed:............ We'll 'Tame' Bitcoin


Chairman emeritus of CME Group, Leo Melamed said bitcoin will likely come to trade in a similar way to how gold and stocks are exchanged today. He made the remarks during an interview with Reuters Tuesday.

Leo Melamed, one of the senior figures at derivatives giant CME Group believes that bitcoin is on course to become its own tradable asset class.

Notably, CME Group last week announced plans to launch a bitcoin futures contract, aiming to have the product available by the end of the year. The product is still contingent on approval from the U.S. Securities and Exchange Commission, the firm indicated at the time.

Melamed told Reuters that he expects institutional investors to take part in the futures contracts, rather than just speculators, and called the move a "very important step for bitcoin's history." The product will enable investors to bet on bitcoin, as well as short-sell the cryptocurrency.

His word  "We will regulate, make bitcoin not wild, nor wilder. We'll tame it into a regular type instrument of trade with rules."

He said though he did not believe in bitcoin initially, but that his interest later grew.

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