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RE: Tom Lee: "We still think Bitcoin is going to end the year at $15k"
Bakkt is launching a bitcoin futures product. This product is going to be physically backed by bitcoin, meaning that every contract is going to have actual bitcoins tied to it. This will be the first time a physically backed and fully regulated product like this has ever existed.
Why do this matter?
Many institutional type investors are only allowed to buy securities. This will mark the first physically backed security available. Which means, if institutions are really interested in bitcoin, this will be their ticket.
ok...crypto backed by bitcoin,,, seems circular, but i prob. don't get it, no worries, ty
It's a futures contract backed by bitcoin.
Do you know if and how the dollar backed future contracts on Bitcoin affect its price?
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