Bakkt has announced on Twitter that their first Bitcoin futures contracts are coming. In August, the International Stock Exchange or ICE, the owner of NYSE, the New York Stock Exchange, came together with Microsoft, Starbucks, and BCG to launch Bakkt.
Many experts across the crypto sector think Bakkt is going to be a game changer. Bitcoin and altcoin futures have long been seen as a possible catalyst to send the market back to all time highs and beyond.
“Our first contracts will be physically delivered Bitcoin futures contracts versus fiat currencies, including USD, GBP and EUR. For example, buying one USD/BTC futures contract will result in daily delivery of one Bitcoin into the customer’s account.”
Our first contracts will be physically delivered Bitcoin futures contracts versus fiat currencies, including USD, GBP and EUR. For example, buying one USD/BTC futures contract will result in daily delivery of one Bitcoin into the customer’s account.
— Bakkt (@Bakkt) September 25, 2018
According to their website “Bakkt is building an open, seamless global network to enable you to buy, sell, store and spend digital assets simply, safely and efficiently.” The open source neutral platform was built with regulatory compliance in mind but also to encourage and support the overall growth of the technology and its applications.
Back when the Bakkt plan was first announced by NYSE, Microsoft and Starbucks, CNBC analyst Brian Kelly thought it was groundbreaking news that could grow the cryptocurrency markets exponentially.
“This is huge news. I think the market is completely underappreciated. So let us talk about why [Bakkt] is the biggest news of the year for Bitcoin. It paves the way for a Bitcoin ETF. Last week I stood here and said you know what, I don’t think the Bitcoin ETF will get approved. And guess what? The Winkelvoss ETF got rejected. Why?Because there was not a US regulated exchange and there wasn’t US regulated custody.”
Kelly and other experts think this move could open up the door for wide ETF approvals. Bakkt has been highly anticipated and now as it moves closer to public availability investors think a strong and lengthy bull run could be the result.
Bakkt is scheduled to launch in November and the markets could start running in the lead up to the futures contracts and continue through the beginning of 2019.