The Biggest Crypto News In Years, The Herd Is Here

rt395 (65)in #bitcoin • 6 years ago (edited)

On August 3rd news broke that ICE, Intercontinental Exchange, owner of the NYSE, announced Bakkt, their crypto asset platform which will be launched in November. Bakkt will open the door for institutional giants like pension funds, 401k's and fuck me money to start trading bitcoin by providing a regulated 1 stop shop, “trading on an official exchange, and safe storage for digital currencies on an institutional scale.”

This is game-changing. Individuals would be able to add bitcoin to their IRA or 401k. It will open up access to millions of people who have been sitting on the sidelines not able to add bitcoin to their portfolios. While ETF's will happen, there is no need for them with Bakkt, anyone can buy/sell bitcoin.

If that wasn't big enough there was a second layer to the announcement, Microsoft and Starbucks are two of several more partners. I am thinking they could be working on L2 or L3 solutions with Bakkt providing the liquidity.

“As the flagship retailer, Starbucks will play a pivotal role in developing practical, trusted, and regulated applications for consumers to convert their digital assets into U.S. dollars for use at Starbucks,” said Maria Smith, vice president, Partnerships, and Payments for Starbucks.

Hear that? It's as if Team Roger cried out in terror, and were suddenly silenced.

Bakkt is not stopping there though. They are going after the (US)7 trillion dollar (Global) 25 trillion dollar credit/debit card market too. They hope to have people using BTC and other cryptos in place of Visa and Mastercard.

Retail payments is an industry that appears ripe for Sprecher-style disruption. Today, Americans charge $7 trillion in goods and services every year—around 60% of GDP—on credit and debit cards, and through digital portals such as PayPal. The stores and restaurants that accept those cards typically pay 2% to 3% to around six intermediaries, including “merchant acquirers” who sign up the merchants, credit card giants such as Visa and MasterCard, and the banks that issue the cards.

It’s hard to overstate how drastically a shift to Bitcoin could crunch those lofty fees. Consumers could pay for groceries or detergent directly from the Bitcoin wallets on their iPhones or PCs, right from a scanner at Walmart or Starbucks, with no banks taking fees in the middle. If Bitcoin became the chief currency for retail, it’s likely that credit cards would disappear.

Game over man! Game over!

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Since this news broke I have been buying more bitcoin than ever before. This is the biggest news in crypto in years, quite possibly since it was launched. It is the flash before the shockwave hits. If you don't believe me or don't get it, I don't have time to try to convince you, sorry.