Everyone celebrated when the news of futures was announced as it signaled a new dawn of adoption for big money investors, and it also added a lot of legitimacy for the digital currency.

The announcement by CME, a mere few weeks ago, helped push Bitcoin price above $7,000.

However, that price bump was a mere taste of what was to come as the due date has been approaching Bitcoin has smashed through boundaries on an unstoppable upward trajectory.

It could be that the old adage of ‘buy the rumor, sell the news’ is coming true as a massive mainstream adoption wave ties in with the entering into the water of some large Wall Street Whales.

Getting in early

Back in 2014, when the price hit $1,000, people were wondering if it was too late to get involved in Bitcoin, wondering if they had missed the boat. Of course, that looks ludicrous now, but the same questions are being asked with Bitcoin quickly approaching $20,000.

Individuals have been trickling into Bitcoin in ebbs and flows, but that has turned into a mainstream wave. A lot of the underlying reasons for the boom in adoption has to do with major money entering the waters.

Those on Wall Street, who often still sit divided, have been in the background of a lot of the barrier breaking booms. After the Aug. 1 fork that saw Bitcoin mostly unaffected by a potential catastrophe, legitimacy was handed to it as the early adopters in Wall Street dove in.

Now, those who missed the earliest wave are looking for the next one into the booming cryptomarket, finding it harder and harder to ignore.

Frenzied

The Dec. 10 and 18 deadlines are fast approaching, and as is often the case in the cryptocurrency world, people seem to be buying the rumor, preparing themselves for what could be an incredibly volatile time when futures hit.

As those who want to be a part of the available futures market flood in, it has caused a frenzy fueling both the individuals to join the hype, as well as the investors who want to get a better price before futures trading begins.

What happens when it’s time to ‘sell the news’?

Futures are still being widely held as a positive for Bitcoin as they approach, but no one really knows what will happen with them.The scary part is that futures trading does allow for profiting when the price drops, thus, if massive money comes into Bitcoin on futures, there could be some price manipulation to send it dropping.

Futures allow for people to have protection on a volatile market like Bitcoin. If they enter at a certain price, and that price drops, they have the chance to pull their investment out at the same price they entered in.

Thus, it makes sense for a big money spender to try and manipulate the market down, pull his investment out at the same price, and re-enter, buying Bitcoin at a cheaper rate.

The future is Futures

Bloomberg cited an unnamed source “with knowledge of the firm’s plans,” saying that Goldman Sachs will be offering client trades on a case-by-case basis. Tiffany Galvin, spokeswoman for Goldman, wrote:

“Given that this is a new product, as expected we are evaluating the specifications and risk attributes for the Bitcoin futures contracts as part of our standard due diligence process.”

Goldman CEO Lloyd Blankfein is reportedly cautious, but open to the idea of Bitcoin, unlike many of his banking counterparts such as Jamie Dimon. Blankfein has written:

“I read a lot of history, and I know that once upon a time, a coin was worth $5 if it had $5 worth of gold in it. Now we have paper that is just backed by fiat...Maybe in the new world, something gets backed by consensus.”