When it comes to Bitcoin, we have largely stayed on the sidelines. That all changed when it was announced that the much-buzzed about cryptocurrency would start trading on both the CBOE and CME futures and options exchanges in the next week or so. This opens up a whole host of new opportunities for investors.
“I chose long the NASDAQ over Bitcoin this year. Hold it against me for the rest of your Bitcoin-chasing life. I don’t care,” CEO Keith McCullough said recently on The Macro Show. “What I do care about is timing. And I can’t time a market that doesn’t trade both ways.”
Having futures and options data and the ability to short Bitcoin with institutional capital is critical to taking the cryptocurrency more seriously, McCullough says in the video above.
Bitcoin’s acolytes are quick to jump on their critics. To be sure, these cryptocurrency devotees have a lot to be excited about. In the past year, Bitcoin is up 1,937%. But McCullough reminds investors not to be emotional, even with an asset like Bitcoin, which has been trading straight into the stratosphere throughout 2017.
“Hell hath no fury like my Twitter feed by the mere suggestion that the chart of Bitcoin looks bubbly,” McCullough says. “I might buy Bitcoin. If it’s a bubble, why wouldn’t you buy a bubble on a pullback?”
So when might McCullough get in on Bitcoin? Watch the above video to find out.
