Matt Levine, Columnist

Bitcoin Futures and Banky Thoughts

Also active bond management, MoneyTaking and robot managers.

December 11, 2017 at 4:08 PM UTC

Matt Levine is a Bloomberg Opinion columnist. A former investment banker at Goldman Sachs, he was a mergers and acquisitions lawyer at Wachtell, Lipton, Rosen & Katz; a clerk for the U.S. Court of Appeals for the 3rd Circuit; and an editor of Dealbreaker.

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Happy Bitcoin Futures Day.

"It is rare that you see something more volatile than bitcoin," said consultant Zennon Kapron to Bloomberg News, "but we found it: bitcoin futures." Congratulations then! Cboe Global Markets Inc.'s bitcoin futures started trading at 6 p.m. Eastern time yesterday, and promptly blew through trading halts at up 10 percent and up 20 percent from their opening price of $15,000. The January contract hit a high of $18,850 overnight, though it is lower this morning. A chart (through 8:15 a.m. Eastern time):