Bill Poulos, President of Profits Run, Predicts Cryptocurrencies are Here to Stay as CME Launches Indexes for Ethereum and Buffet Calls Bitcoin Rat Poison

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Today, Bill Poulos (President and Cofounder of Profits Run, Inc.) projected that cryptocurrencies are not going to disappear even though Warren Buffet recently associated bitcoin with “rat poison”. Bill’s statement comes as the Chicago Mercantile Exchange and the New York Stock Exchange take steps that further legitimize cryptocurrencies and their long-term existence.

Bill Poulos is Cofounder and President of Profits Run, Inc.

We ain’t seen nothing yet. Cryptocurrencies are here to stay. As time goes on, I believe that we’re going to see cryptocurrencies become more and more legitimized, playing a greater and greater role in the economies of the world.

Today, Bill Poulos announced his prediction on the fate of Cryptocurrencies. Poulos forecasts that cryptocurrencies are here to stay saying, “We ain’t seen nothing yet. Cryptocurrencies are here to stay. As time goes on, I believe that we’re going to see cryptocurrencies become more and more legitimized, playing a greater and greater role in the economies of the world.” This projection comes as the Chicago Mercantile Exchange (CME) launches Ethereum indexes, the owner of the New York Stock Exchange considers allowing investors to buy and hold bitcoin, and Warren Buffet equates bitcoin to “rat poison”.

Monday, May 14, 2018, CNBC reported that the Chicago Mercantile Exchange (CME) launched two indexes for Ethereum. CME explained that they have no current plans for launching Ethereum futures however, CME did launch bitcoin futures in December 2017. This came a little over a year after they launched bitcoin indexes.

Cointelegraph recently reported (May 8, 2018) that Intercontinental Exchange, the owners of the New York Stock Exchange (NYSE), were contemplating allowing investors to buy and hold bitcoin.

Poulos went on to say, “There are several noted publications that are trying to profit off of scare tactics around cryptocurrency’s impending doom, saying that bitcoin is going to zero in the near term. Of course, nothing could be further from the truth. A few months ago, the Chicago Mercantile Exchange (CME) launched futures contracts for bitcoin. This would not be happening unless the financial powers to be believed in the future of cryptocurrencies and believed that cryptocurrencies are here to stay. The CME then followed up on that action, launching yet another cryptocurrency futures contract, this time for Ethereum. Now you have two of the major cryptocurrencies, Bitcoin and Ethereum, both being traded through a regulated exchange. Not any exchange, a government-regulated exchange is trading both Bitcoin and Ethereum futures contracts. That is legitimizing cryptocurrencies.”

Poulos continued, “Now you hear that The New York Stock Exchange, according to The New York Times, is considering letting customers buy and hold Bitcoin. They would do so through some sort of a swap investment vehicle that would settle in a couple of days, in Bitcoin. I won’t go into all those details because up till now it's just hearsay—but stay tuned.”

The Chicago Mercantile Exchange (CME) is a U.S. based financial and commodity derivative exchange. It is located in Chicago, Illinois and was founded in 1898. The exchange is also popularly referred to as “The Merc” or “The Chicago Merc”. It is owned by the CME Group.

The New York Stock Exchange (NYSE) is a United States stock exchange located in New York, New York. It was founded on May 17, 1792 and is owned by Intercontinental Exchange. Going by market capitalization, the NYSE is the largest stock exchange in the world.

Poulos concluded, “All of this going on day-by-day, week-by-week further legitimizes cryptocurrencies and yet, you’ll still hear from the likes of Warren Buffett, equating Bitcoin to rat poison. When Warren Buffett makes those statements, he's doing it as a way to contrast his entire investing career (around value-based investing) against a digital currency that has no inherent value in and of itself. You have to understand the context within which he's commenting. If I were a betting person, I would take Warren Buffett's comment with a grain of salt.”

Warren Buffet recently said that bitcoin “is probably rat poison squared.” Buffet is the CEO of Berkshire Hathaway and a billionaire investor. He became involved with Berkshire Hathaway in the 60s and helped grow it into the company it is today. As of February 2018, Buffet had a net worth of almost $83 billion.

Bill Poulos is cofounder and president of Profits Run Inc. He earned a Master of Business Administration (with a degree in finance) and holds a bachelor’s degree in engineering. Bill is a now retired automotive executive, published author, and humanitarian. Bill Poulos is author of, “Simple Options Trading For Beginners: How to trade options from A to Z explained in plain English.” He presently lives in Michigan with his wife, Karen. They have been married for more than 48 years. Together they three children, all boys. Poulos is a regular contributor on investing sites, including Medium and Seeking Alpha.

About Profits Run, Inc.
Profits Run, Inc. was founded in 2001 by father and son due, Bill and Greg Poulos. Profits Run gained its name from a well-known saying amongst traders, “Cut your losses and let your profits run.” Profits Run’s undertaking is to educate individuals on a simpler and safer way to invest.

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