Leo Melamed: Bitcoin is not just a cryptocurrency

Emeritus Chairman of the Chicago Mercantile Exchange Group, Leo Melamed, said on Tuesday, bitcoin became a new asset class like stocks traded by big investors, not just digital currencies. Melamed responded to the CME announcement as the world's largest derivative market will launch bitcoin futures contracts.

Big investors will take part in a bitcoin future where the CME Group plans to start the exchange service by the end of the year. Melamed, 85, says bitcoin has become a new asset class funding not just an innovative payment tool.

"This is a very important step for bitcoin history, we will organize, make bitcoin not wild, we will tame it into ordinary trading instruments by regulation," Melamed said.

Bitcoin will surpass cryptocurrency and represent a new asset class based on blockchain technology that enables the transfer of assets without a centralized system such as banks and sharply reduces money transfer costs. Melamed was elected chairman of the CME in 1969.

"My whole life is built with new technology, I never say no to technology, people who say no to technology will die soon, I at least follow the change, that's what bitcoin says," Melamed said.