These are big players who are pushing Bitcoin from a rogue currency to mainstream use overnight. This means that major money managers can now include Bitcoin in their ETFs, 401Ks, mutual funds etc.
Future trades will be allowed, this means that bets on the future price of Bitcoin can be made. There has been speculation about price manipulation using this method. What makes me feel better about this is that they have to settle these bets at the end of the day in Bitcoin not cash.
They also offer a 30 day futures option but the daily futures settlement will most likely be the most popular. When BAKKT opened September 22nd 2019, the trades seemed to be normal (small) as opposed to the excessive amount of trading within the Crypto Exchanges (ie price manipulation)
In fact, the low amount of bitcoin trades has brought the whole crypto market down as expectations are high that big money would flow in as soon as this opened.
One has to remember that this is a brand-new market and that means the big money has to figure out how this is going to work in their favor. This could take months or years of testing the waters before allowing their big money investors access to the market.
What does all this mean to the average bitcoin trader? LEGITAMACY! A change in public opinion which has been the big obstacle for Bitcoin to overcome.
Once legitimate players are using bitcoin in their portfolios, everyday use of bitcoin as a legitimate currency is on the horizon. How soon until we have bitcoin debit cards? How soon until Amazon gives you the choice of using your preferred cryptocurrency?
I really believe this is similar to the internet back in the late 80s and early 90s which seemed more gimmicky than useful. For those old enough to remember, email was confusing, connecting via modems seemed ridiculous as there really weren’t any web pages to find anyway.
Infrastructure was not in place, people had been buying from local brick and mortar establishments for generations. 20 years later the internet has changed the way we get our news, the way we buy products, the way we are entertained.
BAKKT is going to start a trend that cannot be reversed. Forward momentum is established and now Bitcoin will be going up exponentially. This is the time to get ahead of the big money before it flows into this small market. Those who get in late will be left behind IMO!
Feb 20, 22 11:33 AM
Feb 19, 22 11:14 PM
May 31, 20 05:17 PM