Bakkt to launch this quarter?
Fundstrat says Bakkt will be launching later this quarter.
For those of you that are counting, that means that Bakkt will launch sometime before the end of September.
What's more...
They begin testing of their futures products TOMORROW (July 22nd) to iron out any bugs.
(Source: https://twitter.com/fundstratQuant/status/1152321087360917504)
What will this mean for bitcoin and crypto?
Possibly quite a bit.
According to Fundstrat there were over 150 investors at their recent institutional investor summit.
Indicating appetite for their bitcoin futures products.
Remember, these products will be different than any other product currently out there in that they will be physically settled by actual bitcoins.
This is different than the cash settled products that have existed prior.
Not only will Bakkt be offering physically settled bitcoin contracts, but they are possibly launching a crypto exchange as well.
Though the information on that seems to be a bit unclear at the moment.
This was posted on their blog several months back about the coins they keep in their data feed:
It is a total of 58 coins and it surprisingly includes steem dollars.
Though perhaps they meant steem and just typed steem dollars by mistake?
I am not really sure...
Keep in mind that this doesn't necessarily mean they are going to be making a market for steem dollars/steem, but it does provide some hope that perhaps if they do end up trading some altcoins, they may include one of those two, or both.
If we can stay in top 100 on coinmarketcap, that will only help our chances I am sure!
Either way, the bitcoin physically backed futures products begin beta testing tomorrow.
Stay informed my friends.
-Doc
I think Steem is very interesting from a regulatory perspective because Steem didn't had an ICO. Its users are mostly from the US and Steemit.com headquarters is also in the US. If Steem becomes more popular, than it has a higher chance of approval by the SEC and Bakkt is probably speculating on that outcome.
Lets cross fingers that something great falls from the sky :-)
I think the not doing an ICO is very beneficial for steem overall. Should help them eventually get on Coinbase as well.
Will you be buying?
I would like to see btc get back near $8k before I really start buying aggressively again... but I have nibbled on a bit under $10k recently.
A great step into their plan to work with adoption and linking cryptocurrencies to payment services. Can't wait to walk into a Starbucks and use some Litecoin (or Steem)!
That would be pretty cool. Though perhaps SBD instead. :)
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