The popular “game-changer” project which proposes physically delivered bitcoin futures, Bakkt, launches later in September. While Fundstrat’s Managing Partner Thomas Lee has shared that he is “very positive” about the Bakkt launch because of the impact it will have on institutional investment, the crypto Twitter community is busy speculating how it will affect the price of bitcoin.
Bakkt Will Help Build Institutions’ Trust in Crypto
Renowned American businessperson, financier and investor and who is known for being one of the early pioneers in private equity, Thomas Lee, took to Twitter to weigh in on the impact of Bakkt on institutional investment. Thomas Lee says,
— Thomas Lee (@fundstrat) September 20, 2019
He shared this opinion in support of a tweet made by another user, Mia Tam, who believes that Bakkt’s launch in the next few days will have a bullish impact on Bitcoin.
Bakkt in 4 days 👀
— Mia Tam (@_blockandchain_) September 19, 2019
Crypto Community on the Bakkt Launch
Other twitter community members are reacting to the Bakkt’s launch in a number of ways. Many believe it may initiate a short bearish season in which bitcoin price may eventually fall considerably due to massive manipulation.
According to a twitter user,
However, a few others have given contradicting opinions clearly expressing the advantages of Bakkt’s launch to the crypto community.
Intercontinental Exchange (ICE), the creator of New York Stock Exchange (NYSE) announced the launch of Bakkt, a bitcoin futures exchange and digital assets platform. The launch which is scheduled for September 23, is expected to bring tangible institutional investment into the crypto space.
This initiative, in its entirety, is quite interesting, as it represents competition for existing cryptocurrency trading infrastructure – Bakkt is simultaneously competing in the futures space (against CME in particular), and against spot crypto exchanges. It is likely that Bakkt will not just be a game-changer for the crypto market, but the entire investment space as it will help Bitcoin-based products gain a position among mainstream investment offerings.
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