Bitcoin is a speculative asset but not yet a systemic risk

FINANCIAL markets rarely miss opportunities to make money. That is as true of cryptocurrencies as anything else. Trading in bitcoin futures began on the Cboe Global Markets this week; CME Group will launch its own futures on December 18th (see ). That has given a further boost to the digital currency’s price, which is up by 1,550% this year. Such phenomenal returns are drawing in waves of speculative money. But is there a fundamental case to invest in bitcoin?