CME Group has possibly pulled down a video where the Chief Economist took a pro-Bitcoin stand. It is no longer available within the latest Blu Putnam’s reports either. The story was initially published by Finbold on February 11 where the official, Bluford Putnam stated that Bitcoin is yet to show any consistent correlation to macroeconomic factors and the standard portfolio assets like equities and fixed incomes.
According to Putnam, Bitcoin is an exciting concept that deserves further study and a lot of experience. In the video, Putnam called for a balance to be discovered, then bitcoin can become a dependable portfolio diversification solution for many investors.
Though Putnam was cautious over the Bitcoin stand, he noted that if the crypto does not relate to such factors and assets, it can serve as a dependable portfolio diversification tool.
After the story went viral, the CME Group pulled down the video under unclear circumstances. However, it is still available within the YouTuber’s Crypto Zombie channel.
Possible scenarios for pulling down the video include the fact that the CME Group might have changed its mind and decided not to support Bitcoin as a way of protecting their traditional finance investors with traditional assets.
It is also possible that the CME Group might have received negative feedback from existing investors following the virality of the story.
CME Group prides itself as the leading global home for the most diverse derivatives marketplace.
Since joining the market, questions have lingered on whether Bitcoin’s volatility can make it fit into the portfolio for the store of value.
In 2020, the maiden cryptocurrency has not shown any consistent correlation to macroeconomic factors and the standard portfolio assets like equities and fixed incomes.