1) Bitcoin (BTC) is currently quoted at USD $40000 per unit. The riskless interest rate is 1.5% p.a. annually compounded. BTC can be purchased/sold in fractions (i.e. you can purchase 0.1 BTC in the spot market). Ed plans to sell his current investment portfolio in a years time, after it has rebounded, and invest all the proceeds in Bitcoins. However, he is afraid Bitcoin will significantly rise in price over that period and would like to find a way to lock in its price. Which position (long or short) should he take in the futures market to hedge the price risk of BTC?