Like it or loathe it, the digital currency bitcoin is certainly causing a stir.
From its inception in 2009 there's been hacking attacks, major thefts, bankruptcies, spin-offs, street protests, rants from Wall Street CEOs and a very, very peculiar car chase in Los Angeles. That's not even mentioning the gravity-defying price surge towards $20,000 this month.
I'm asked, with intrigue, by friends about how it works and whether they should invest in it. Bitcoin fans resolutely defend it, but may secretly have nightmares about a major price correction. Bitcoin skeptics pour scorn on it, but privately must be kicking themselves for not buying some many years ago.
It's a financial phenomenon that seems to have less and less practical use as the price ticks higher. And now, it's gone mainstream.
The launch on Sunday of bitcoin's Cboe futures exchange is a significant milestone. It's a major step towards legitimizing the digital currency. It shows that Wall Street is now taking note and will bring in a whole new type of investor to the market.
But above all, many analysts are expecting this wave of interest to help dampen and reduce the volatility of its price. Thus, the wild price swings — it's been known to move $2,000 in one day — could be over.
