In the coming week, Bakkt is assumed to test-launch its Bitcoin (BTC) futures solution. Even though numerous have begun to question its possibility as a medium for institutional adoption, particularly as a result of the countless delays it encountered, this may not be the case.
Early this week, the team at Fundstrat Global Advisors, a New York-based markets analysis firm with foundations in the cryptocurrency space, attended the Bakkt Institutional Digital Asset Summit that was hosted by the New York Stock Exchange.
We think #Bakkt could be a huge catalyst for institutional participation in the #crypto market. Here are our takeaways from the Bakkt institutional summit yesterday at the NYSE… #bitcoin #BTC #ETH @fundstrat @fundstrat_ken pic.twitter.com/lkRylD1P4C
— Sam Doctor (@fundstratQuant) July 19, 2019
Following a recent analysis from Sam Doctor of Fundstrat, institutions and other notable attendees were considered not only bullish on Bakkt, but also the overall Bitcoin and cryptocurrency market as well.
Institutions Hyped for Bakkt’s Bitcoin Futures
Recently in a Fundstrat research note posted to Twitter, Doctor detailed that per his personal experience of the event, which saw representatives from more than 150 investors and institutions attend, there is “institutional anticipation” for Bakkt’s Bitcoin futures, slated to be the first U.S.-regulated vehicle of its sort that is physically delivered. He wrote:
“As we have written before, Bakkt tackles many of the barriers to adoption for traditional investors seeking to expand their mandate to include crypto.”
He goes on to write that there certainly “appears to be a critical mass of adopters ready to come on board on Day 1 of the Bakkt launch”, considering that the firm's sales team is setting out to ramp up discussions with everyone from brokers and market makers.
He therefore confirms that should the excitement convert into actual investment, the long-expected debut of the Bitcoin product, which will offer many institutions their first taste of so-called “physical” BTC, could be a “huge” catalyst for the growth of this already developing market.
This information arrives hot on the heels of reports that believed that ErisX and LedgerX, two competitors of Bakkt, had acquired the proper licenses from the U.S. Commodity Futures Trading Commission (CFTC) that will permit these upstart crypto exchanges to also list Bitcoin futures.
In corresponding news, according to a recent report from trade publication The Block, Bakkt has a short while ago inked a new employee that may be working on a digital asset wallet.
Early on this year, the organization made a bunch of hires, shown by the “careers” section on its website. One job listing called for a mobile app developer, sparking discussion about Bakkt's plans post-Bitcoin futures.
The Block's sources explain that following the release of the long-awaited financial vehicle, the crypto platform might possibly launch the mobile application. Not many details were given about this product, yet the outlet points out that Bakkt's recently-updated website mentions digital payments. An excerpt from Bakkt.com reads:
“Whether between consumers and merchants or peers, the ability to conduct transactions in digital assets holds promise as a these new global currencies evolve beyond a store of value or speculative assets, and as distributed ledger technology scales. Bakkt is working with leading merchants who recognize the potential of digital assets.”
In other related news, it has been suggested that Starbucks may indeed line up as one of the users of Bakkt’s eventual payments solution, which by all accounts is most likely to involve Bitcoin.
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