The launch of the biggest institutional bitcoin product of the year is finally upon us. Could it rejuvenate the momentum in the BTC markets or will it be a big overpriced flop? We'll find out tomorrow.
Back to Bakkt Big For Bitcoin?
With just one day gone, the long-awaited physically-traded Bitcoin futures trading platform on Bitcoin is almost here. Its release date of September 23 has been heralded by many bullishs on BTC, as it will allow institutional investors to make it harder on the markets.
Contracts will be paid out to BTC, but investors are unlikely to want to retain another. would buy the asset directly. At present, there is extreme volatility that is exceptional for most institutions that thrive on stability.
The price of bitcoin has been limited in the last two months, indicating that very little new money is entering the markets.
Bakkt can change all this if new money starts to enter the bitcoin markets. Economist Alex Krueger raised the question of the volume traded and how the startup would continue.
CME Bitcoin futures traded $ 460 million in their first week. The current volume is about $ 700 million. Van Eck's fake ETF was trading $ 0 in its first week. How much volume Bakkt will draw is a key variable for next week. Would you expect Bakkt to flop or start successfully? ”
Bitcoin CME futures traded $ 460 million in their first week. The current volume is about $ 700 million.
How much volume Bakkt will attract is a key variable for the coming week. Would you expect Bakkt to flop or start successfully?
̵1; Alex Krüger (@krugermacro) September 22, 2019
At the time of writing, the results were evenly split, with half of the 1,200 respondents expecting it
the BTC price chart so it will probably follow a big move next week. Crypto commander John McAfee remains bullish, adding that it provides a level of confidence that the institutions did not have before.
"This is an institutionalized exchange, so I will not use it, but institutions will feel a level of trust that they did not have. This can jump in and start cryptocurrency. "
BAKKT comes out tomorrow. This is an institutionalized exchange so I will not use it, but institutions will feel a level of trust they did not have. This can jump-start the adoption of Ctypto. But remember – this is the opposite of the freedom movement.
– John McAfee (@officialmcafee) September 20, 2019
Fundstrat's Tom Lee voices the mood adding that he is a very positive Bakkt and his ability to build trust with the crypto institutions.
Others fear that institutions will become new bitcoins for bitcoin, leading to more market manipulation. Many industry observers commented that the launch of CME and CBOE futures in December 2017 led to a big bear market next year as institutions managed to delay BTC for the first time.
Either way, the wait is almost over and the Big Run is about to be Bitcoin next week when Bakkt gets off the launch pad.
Will Bakkt raise bitcoin prices or lead to a drop? Add your comments below.
Images via Shutterstock, Twitter: @krugermacro, @officialmcafee