Bitcoin marks milestone toward legitimacy

Bitcoin marked a milestone Sunday in its push to become a legitimate international currency despite extreme volatility and questions about its vulnerability to hacking and manipulation. Trading on bitcoin futures through the CBOE Futures Exchange, a major futures exchange, began at 6 p.m. ET. The digital currency will trade under the symbol XBT, with the value based on an auction price set by asset exchange firm Gemini Trust Company. “Given the unprecedented interest in bitcoin, it’s vital we provide clients the trading tools to help them express their views and hedge their exposure,” said Ed Tilly, CEO of CBOE Global Markets.

Bitcoin has enjoyed a gold rush

among investors this year, surging more than 1,550%. On Thursday, its price topped $16,000.

But it also is subject to massive swings in value. From Thursday through Friday it fluctuated between $14,000 and $19,000, according to industry site CoinDesk.

Website coinmarketcap.com said the price of bitcoin sits at $15,500. With 16.73 million in circulation, the digital currency is valued at more than $259 billion.

Although bitcoin has been hailed by many as the currency of the future, others worry the latest surge is the sign of a bubble ready to burst.

Jim Cramer, host of CNBC’s “Mad Money,” raised concerns about the lack of government oversight and threats from hackers. Last week, a bitcoin mining company in Slovenia recorded a loss of bitcoin.

“When (hacking) happens, it will be a total loss,” Cramer said.