Bakkt launch in November will be “huge” for Cryptos — it will trade/settle in funded Bitcoin — not derivatives
Source: https://bitcoinist.com/bakkt-not-bitcoin-margin-trading-ceo/
The BAKKT Exchange (in New York) will launch in November — this is bigger than you think.
Let’s discuss why:
Bakkt is owned by ICE (Intercontinental Exchange). ICE owns the New York Stock Exchange.
There will be liquidity and connection between the NYSE and BAKKT.
Bakkt will not trade in derivatives like the CME/CBOE (futures trading)....to control price.
Bakkt NEEDS to PREFUND their exchange before launch. This means they need to BUY Bitcoin to be able to fulfill large institutional BTC buys.
I belive this is one of the reasons for the BTC price to be held down and “stuck” in this $5800 - $6,600 range. I belive this is on purpose for the institutions to fill their coffers.
Could we see great price appreciation when BAKKT launches? Only time will tell — but if the demand is there, how else will they be able to deliver BTC?
Almost forgot —- Bakkt said they will NOT be buying BTC via the OTC markets. They will use other exchanges.
Buckle in....
Big if true.
I am only sharing what they are saying in print....it does seem unlike the normal robber barrons.
Sounds like something big id brewing.
Yes..the big boys are getting “their ducks in a row”.
Great article, @floridanow!
@floridanow, you are interesting to read!
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Yes if they want in, they would bring money into the crypto market for sure. Good time to buy at boring price 6000 ish. lol
This Bakkt / NYSE connection is very big and coming on line in November (so they say) :-)