CME Group Inc (NASDAQ:CME) Executive Chairman and President Terry Duffy spoke with FOX Business Network’s (FBN) Maria Bartiromo today during her inaugural week ofOpening Bell with Maria Bartiromo. He spoke about Bitcoin, saying, “I’ll be honest with you, we are doing a little bit of work looking at them. And I’ll say a little bit of work and that’s it.” He went on to say, “I think there’s a little bit of misdirectives along with Bitcoins and how they actually work,” but that, “It’s in its infancy right now and you never say never, so you keep a watch on these things.”
Excerpts from the interview are below.
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Terry Duffy On Bitcoin:
“I’ll be honest with you, we are doing a little bit of work looking at them. And I’ll say a little bit of work and that’s it. First of all, they’re backed up by nothing; they’re not backed up by the faith of any government around the world and some could argue that currencies around the world aren’t backed up by the governments either, but I personally believe they are. So we have to take a look at this. I think there’s a little bit of misdirectives along with Bitcoins and how they actually work and how you have to exchange for cash for these Bitcoins and who accepts them and how do they accept them, so it will be interesting to see how that goes. I think now that there’s a potential cash settled index going to the Bitcoins that was developed by a couple young men, it will be interesting to see how that pricing mechanism kicks in. And if it adds some stability to the overall market because you can’t trade at $1200 a Bitcoin one day and at $500 the next day, it just doesn’t work. Investors will not participate in that. But it’s in its infancy right now and you never say never, so you keep a watch on these things.”