Optimistic investors bid up Bitcoin ahead of introduction of futures, but new derivatives enabled pessimists to bet against Bitcoin, bringing the price down

Optimistic investors bid up Bitcoin ahead of introduction of futures, but new derivatives enabled pessimists to bet against Bitcoin, bringing the price down

Federal Reserve Bank of San Francisco:

Optimistic investors bid up Bitcoin ahead of introduction of futures, but new derivatives enabled pessimists to bet against Bitcoin, bringing the price down  —  Galina Hale, Arvind Krishnamurthy, Marianna Kudlyak, and Patrick Shultz From Bitcoin’s inception in 2009 through mid-2017, its price remained under $4,000.