Bakkt Is Set To Test The Platform Today, On July 22
On July 22, the Bakkt platform, lead by the Intercontinental Exchange will begin testing futures contracts for the purchase of Bitcoin cryptocurrency (BTC).
Managing Director of Fundstrat Global Advisors Sam Doctor believes that the launch of the system will take place in the third quarter of this year. He shared his opinion on the trading platform on Twitter:
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
We think Bakkt could be a huge catalyst for institutional participation in the crypto market, he said.
On July 18, the Doctor visited the Bakkt Summit and published a list of the main topics discussed at the meeting:
- Don Stamp, a member of the Commodity Futures Trading Commission (CFTC), said that at the moment there are no cryptocurrencies that threaten the stability of the financial market;
- The CFTC notes an increase in demand for Bitcoin futures;
- the ministry expects new futures contracts for the purchase of various cryptocurrencies to appear on the market, in particular, Ethereum;
- Ari Paul, a Blocktower employee, is confident in the attractiveness of investments in virtual currencies since the dynamics of their exchange rate fluctuations do not correlate (or slightly correlate) with changes in the value of traditional assets;
- Paul named two key factors that determine the value of digital assets — resistance to inflation and confiscation;
- Dan Morehead, an employee at Pantera Capital, assumes that most cryptocurrency projects will fail;
- He believes that Ethereum and Bitcoin have the greatest chances of survival, since BTC will retain its status as a means of capital savings, and ETH developers will present new technological solutions.
Sam Doctor said that investors are looking forward to the opening of Bakkt. Among the potential customers of the platform were brokers and stock exchanges who have extensive experience in trading in securities and financial derivatives.
According to The Block, Bakkt employees will present a mobile application for Android and iOS soon. The web version of the source could also be launched. A former Google's consultant, Chris Petersen, is working on creating a mobile cryptocurrency wallet Bakkt Pay. According to Bakkt’s Chief Operating Officer Adam White, BTC users will be insured for $ 100 million.