Magazine article American Banker

Bitcoin's Wild Ride; Wells Names Three Directors

Magazine article American Banker

Bitcoin's Wild Ride; Wells Names Three Directors

Article excerpt

Byline: George Yacik

Receiving Wide Coverage ...Bitcoin madness: Two more Wall Street firms have succumbed to the bitcoin bug. Nasdaq said it plans to introduce bitcoin futures in the first half of 2018, while Cantor Fitzgerald said it is looking at launching bitcoin derivatives on an exchange it owns.

Ironically, the announcements came on one of the most volatile trading days for the digital currency ever. The price plunged 18% Wednesday afternoon to below $9,500 after blowing through both $10,000 and $11,000 for the first time earlier in the day. The price of bitcoin is up more than 900% this year, from less than $1,000, and 21% just since last Friday. Wall Street Journal here and here, Financial Times, Washington Post, American Banker here and here

Several bitcoin exchanges were overwhelmed by the heavy trading volume, which exceeded 400,000 transactions.

What is bitcoin, actually? It's not what you think, the Journal explains.

Even the Fed is looking at bitcoin. William Dudley, the president of the Federal Reserve Bank of New York, told an audience at Rutgers University in New Jersey the Fed is beginning to look into whether it could adopt its own digital currency. He said bitcoin is "really more of a speculative activity" and doesn't meet the test of being a currency, but that the technology behind the cybercurrency is worth exploring.

Naming names: President Trump nominated Marvin Goodfriend a former Fed economist and a professor at Carnegie Mellon University, to a seat on the Fed's board of governors. Goodfriend, "a widely respected monetary economist, would provide academic heft on a board that now has just two economists," the Journal says. Wall Street Journal, Financial Times, American Banker

Trump also plans to nominate Thomas E. Workman, the longtime president of the Life Insurance Council of New York, to the Financial Stability Oversight Council. …

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