Former CFTC Chairman: The launch of futures has broken the bitcoin bubble

Christopher Giancarlo, former chairman of the US Commodity Futures Trading Commission (CFTC), said in an interview that the Trump administration has narrowed the 2017 bitcoin bubble by allowing the introduction of futures products. Giancarlo said that one of the lesser-known stories of the past few years was that CFTC, the Treasury, the SEC, and the then National Economic Council director Gary Cohn believed that the launch of Bitcoin futures would break the bitcoin bubble and that it did. It is reported that CFTC announced the bitcoin futures listed on the CME and CBOE futures exchanges on December 1, 2017, and went online on December 18. The price of Bitcoin reached a peak of nearly $20,000 on the day before December 18 and fell sharply in the following weeks.