Already officially announced that bids on long-awaited platform for Bitcoin futures Bakkt will begin on 23 September. After nearly a year of delays and false starts, the platform from one of the world’s largest networks of exchanges, the Intercontinental Exchange has received the approval of the Commission on trade commodity futures (CFTC) and the new York Department of financial services. This is really great news for those waiting until criptural will flow rivers of institutional money.
Bakkt is designed to be a bridge between the stock market and institutional investors. On the platform will be presented daily and monthly physical futures on Bitcoin. Read more about this type of contracts can be read here. The event should have a positive impact on the adoption of both the Bitcoin and alternative cryptocurrencies. A cryptanalyst and trader Scott Melker in one of his last tweets, commented on the event in the following way.
News about Bakkt is perhaps the most bullish event for institutional investors in the history of Bitcoin. As he explains, the concept of Bitcoin futures with physical delivery of the payment implies that upon expiration of the futures, the investor receives at the hands of real bitcoins.
Well, as real – BTC on the wallet and not the equivalent in Fiat currency. In any case, this news combined with the support of the new York stock exchange (NYSE) shows a rapid maturation of the Bitcoin market. And the key here is that the old-timers of the financial world essentially give the nod for operations with Bitcoin.
In addition, Bakkt work out a scheme of cooperation with commercial retailerslike the largest international coffeehouse chain Starbucks. The idea is to provide consumers with an easy way to purchase goods and services using digital currencies. If it still happens, the process of adoption of the cryptocurrency will noticeably accelerate.
A former lawyer at the securities and General counsel Compound Finance Jake Chervinsky looks at it this way: the fundamental value of the platform Bakkt that “it offers the possibility of large institutions that are not inclined to risk, buy and hold Bitcoin through a direct system without intermediaries”. Which, moreover, received the approval of regulators and backed by an impeccable reputation ICE.
However, Chervinsky believes that Bitcoin hodlers is still too early to celebrate. After the approval of the NYDFS and the CFTC is just the first step on a long road of reconciliation with the regulators.
At least, we still have to wrestle with the Commission on securities and exchange Commission (SEC). And, of course, considering the several unsuccessful attempts to start, in the air is a reasonable question: and whether there will be another delay?
Do you believe in the imminent launch of Bakkt? And how do you think this will affect the price of Bitcoin and the state of the stock market in General? To share thoughts is always possible in cryptodata millionaires, who believe that cryptocurrencies are the future.
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