BTC - Bakkt launches tomorrow, changing everythingsteemCreated with Sketch.

in bitcoin •  2 months ago 

Bitcoin and crypto are about to change forever starting tomorrow

Tomorrow, the parent company of the New York Stock exchange will officially launch Bakkt.

Bakkt will be the first fully regulated physically settled bitcoin futures platform.

Before now, every futures product was either not fully regulated by the SEC and/or didn't offer physically backed bitcoin products.

Tomorrow, that changes forever.


Why is this is a big deal?

As it becomes the first ever fully regulated physically settled futures product it will change the game for just about all crypto participants.

Bakkt has provided an answer for any institution managing more than $150 million in assets.

The SEC prohibits investment managers with $150 million or more under management from investing in something without a qualified custodian.

Bakkt qualifies as such.

Which means that if the demand is really there for large investors, Bakkt may open the floodgates for them, finally giving them an opportunity to invest in bitcoin.

Also, over time Bakkt getting involved in the space will likely help regulators become more comfortable with the asset class as they see the ICE name attached to the industry.

ICE is the parent company of the New York Stock Exchange.

Are physically settled futures products all that is coming?

At first, yes, but in the long run, probably not.

Bakkt will likely help corporate issuers raise capital via cryptocurrencies at some point, launch an exchange, and possibly even work with corporations (such as Starbucks) to help integrate cryptocurrency payment systems.

They said in a quote a while back that they hope to some day become the Goldman Sachs or Google of crypto, servicing all levels of the industry.

Things are going to change in a major way on Monday, making crypto more institutionalized and mainstream than ever before.

Hopefully that is good news for crypto investors.

Stay informed my friends.

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i think price will go down, but lets check

So far looks like it is dipping on the news. I wouldn't judge it on today though. They will bring in their customers gradually over the coming weeks once they make sure there are no bugs etc.

You were clearly right @kingscrown

They said in a quote a while back that they hope to some day become the Goldman Sachs or Google of crypto, servicing all levels of the industry.

Such a funny statement that shows how little even the big players in the space know about decentralization.

We want to the centralized top-dogs within the decentralized community.

Wait... you're serious?

We want to build a pyramid on the shifting sands of flat architecture!

Ha, okay friend, dream big.

Ha yes that is ironic, though I think they mostly mean from the investing side and infrastructure side.

Well, at this point, they aren't wrong.

These big centralized players will be a huge part of these communities for 10, 20, or maybe even 30 years. Decentralized governance is the biggest political issue of our time, even if 99.9999% of the world doesn't realize it.

Decentralizing our biggest power structures will be one of the most difficult tasks mankind has ever had to undertake. We basically have to dump so much value on the entire economy that everyone just lets it happen eventually. Greed will be the establishment's own undoing as it always has been in the past.

Yep, very true.

Getting real Bitcoin from an exchange or exchanges to settle Investors outside of the Cryptospace has got to be Great! More people will be watching this spectacle as well, which can only mean more coverage and interest. Woo hoo ✌🏼😎

It's overwhelmingly positive. If there really is large institutional demand and the price doesn't spike tomorrow it may start to in the days/weeks to come as investors purchase futures that will have to deliver actual bitcoin.

  ·  2 months ago Reveal Comment

I would say that this will be revolutionized but the market is so volatile and affected too easy by external factors that I couldn't say in which direction the wing will swing. Let's just wait and see.

In the medium to long run, I can't see how this will be bad news overall.

Another step in the right direction for Bitcoin.

Yep, I think so as well. It will be interesting to see what it looks like a few months from now after they have been up and running and onboarded some clients.

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The first day was slow to start off with for bakkt in terms of volume but lets hope how it goes this week

I would expect things to slowly ramp up as time goes on. If 3 months from now they still have this kind of volume, it would be cause for concern.

Greetings dear friend @jrcornel.

The first Bakkt Bitcoin Futures exchange was executed at 8:02 pm ET (09/23/19) at a price of $ 10,115.

Coincidentally there was a decrease in the prices of BTC and the entire crypto market of more than 10% in 24 hours.

You would think that perhaps these facts could be related?

The truth is that many are taking advantage of these low prices to invest and increase their BTC bet.

All best, Piotr.

It's possible. Prices tanked immediately after the CME and CBOE launched back in 2017, though we had a different market dynamic then. Perhaps those that were interested in getting involved were interested in betting against it. :)

Hi @jrcornel

I just had a chance to read your publication and I was wondering: what are your thoughts 4 days after Bakkt has been launched?

Somehow markets reacted very differently from what I expected :(

Yours, Piotr

I think it had very little to do with Bakkt. I think that there were a ton of stop loss orders just below market prices, and all it took was a little selling to trigger those stop loss orders, which caused more selling and triggered more stop loss orders. It was a unique spot on the chart where we were going to go bigly one way or the other, we just needed a push, and unfortunately that push was to the downside. Had we had that same setup and we pushed higher, I think we could have seen a massive spike up as well. The market dynamics were set up for a big move either way.