Cramer: Bets against bitcoin will ‘annihilate’ the digital currency once futures begin trading

Bets against bitcoin will “annihilate” the digital currency once futures begin trading over the weekend, CNBC’s Jim Cramer predicted Friday.

Cboe bitcoin futures are set to begin trading on Sunday. The CME contracts launch on Dec. 18. Nasdaq, meanwhile, plans to start its own bitcoin futures as early as the second quarter of 2018.

“I think the short selling is just going to annihilate people when you can start trading it,” Cramer said after talking with sources in the bitcoin community. A short seller is essentially taking a position on the belief that an asset price will fall instead of rise. Bitcoin futures will allow bitcoin shorts on a widespread basis.

“Once this thing starts trading the futures, they are just going to kibosh it,” Cramer said on “Squawk on the Street.” “You’re going to see a lot of shenanigans.” […]

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