I'm not sure that a legitimate futures market is what crypto enthusiasts really want. This would provide a very nice/easy opportunity for large institutions to short BTC...and succeed at driving the price down.
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It is exactly what we don't want. This futures contract will be 'cash-settled' meaning its not a bitcoin futures contract, but a supply of synthetic dollar shorts against bitcoin as a means of controlling the price.
IF you think this is good for Bitcoin, talk to a gold and silver trader.
https://steemit.com/bitcoin/@goldgoatsnguns/bitcoin-futures-is-the-next-phase-of-attack-against-cryptos
That's exactly right. It could very well spell the end of bitcoin simply because the price will be susceptible to manipulation on an unlimited scale. They could of course, manipulate the price higher as well.
They can definitely manipulate the price higher...but I would expect shorting the crap out of it for an extended period first. Drive out all of the speculators that love to panic (which is almost all of them in crypto), bring prices down as far as they can go (which could be pretty damn low, considering the recent parabolic rise), then maybe buy back in. Maybe.
They'll manipulated it in both directions for maximal pain to the average investor. This is how they maintain control over the markets. It's criminal and the SEC will give it a pass because it does nothing to affect the supply and demand of bitcoin like an ETF would do.
And note how the ETF's have all been shot down by the SEC. The ones that will be approved will be synthetic bullshit that trade against their own BRR-- Bitcoin Reference Rate.
The ethereum boys should begin building a real crypto-futures exchange now to combat the CME Group and the U.S.