Skip to content

Sign up to our mailing list and never miss an article!


–>

Bitcoin to $100,000 Before Tanking? Tom Peterffy Thinks So

Thomas Peterffy — the founder and current CEO of Interactive Brokers Group, Inc. — remarked in new comments to the press he believes BTC futures will drive the bitcoin price up acutely before tanking, thus instigating a global financial crisis the likes of which hasn’t been seen since 2008.

Now, to be sure, there have been hundreds of uncharitable predictions for Bitcoin.

Hailing it as the impending catalyst for a global economic crash, though? That’s seemingly a first for FUD (“fear, uncertainty, doubt”) in the space.

Better known as a pioneer behind “speed trading,” Peterffy worries that massive price swings that exceed the new futures’ 35 percent margin requirements will cause defaults. Such defaults would in turn cause clearinghouses to experience a liquidity crisis that could spread throughout the global financial system.

Per Peterffy:

“My fear is in the unlikely event something like that happens, we’ll have something like Lehman Brothers — or worse.”

It’s certainly a novel angle in the conversations now taking place around Bitcoin futures. Speculation has been swirling in the crypto ecosystem as to whether the arrival of these futures would suppress, bolster, or do something else entirely to Bitcoin.

And now that the first BTC futures have gone live on the Cboe Global Markets exchange as of Sunday, December 10th, the space will see sooner rather than later if a global economic crash is coming.

For now, though, the only thing that’s crashing is the Cboe exchange’s website.

Users flooded to the exchange to try the novel futures products, and within minutes the bitcoin price shot up over $1,000 USD accordingly.

No crash yet, then.

TLDR: Interactive Brokers Group, Inc. creator Thomas Peterffy thinks the bitcoin price could shoot up to $100,000 before BTC futures tank world markets. 

William M. Peaster is a cryptocurrency journalist and copy-editor based out of El Paso, Texas. He's an avid fan of Ethereum, ERC-20 tokens, and smart contracts in general.

%d bloggers like this: