CME Chief Terry Duffy Says Bitcoin Needs To ‘Worship’ the Government

Bitcoin Needs To 'Worship' the Government

Terry Duffy, the CEO of top derivatives marketplace CME Group said Crypto will never achieve its aim and work until seeks government’s backing.

Duffy told Bloomberg that resistance to crypto is too great to overcome without institutional support from a central authority such as the government .

“Until governments really start to accept cryptocurrencies in some way, shape or form, it’s going to be difficult for the major commercial [banks] to get gung-ho on bitcoin or any other cryptocurrency.”

Duffy said he was a big proponent of listing bitcoin futures on a major exchange, even though he had reservations about it.

“I was a big believer that we needed to go forward and list bitcoin in some way, shape, or form. But [I was] also understanding that this is a brand-new a new asset class, so we put in a lot of controls on bitcoin. That was important.”

CME Group was the second regulated U.S. derivatives market to list bitcoin futures. In July 2018, Duffy said he does not want to rush into listing other crypto futures products a statement he attributed to CME’s reputation.

“Before we get into any other cryptocurrencies, we’re going to see how this one goes,” Duffy said. “I think that six to eight months as a listing of bitcoin is not a good enough barometer to decide what your future should be for any other cryptocurrency. I will take a wait-and-see approach with bitcoin for now.”

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