For almost a year now, crypto enthusiasts have waited anxiously for the official launch of Bakkt. They believe this event will open up the crypto market to a lot of institutions.
So Bakkt is almost here, and everyone, including John McAfee, is hoping its emergence will help speed up the next major Bitcoin bull period. We are currently about 48 hours away from the launch of this platform. Everyone is paying close attention to see how this development will affect Bitcoin and the crypto market at large.
The first announcement of its launch was made toward the end of last year. Many were anticipating it, but the exchange had had to face a number of delays. The change occurred in August. Back then according to a blog post, Bakkt received the go-ahead to launch its futures contracts. We are therefore looking forward to its launch on September 23, 2019.
Everyone had their say
Bitcoin has been undergoing a lot of sideways trading over the past few weeks. Thus, its price ranged from $9,000 to $10,000. We, however, believe that this sideways trading may soon come to an end with the proposed launch of Bakkt. Others seem to share this impression.
In a recent tweet, John McAfee, the omnipresent crypto analyst, pointed out that the launch of Bakkt could catalyze global crypto adoption. In his tweet, he, however, made a mistake about the date as the platform goes live on Monday, not tomorrow as McAfee stated. He did make sure to state that to a certain extent Bakkt will undermine the libertarian movement.
His tweet reads: “BAKKT goes live tomorrow. It is an institutionalized exchange so I won’t be using it, but institutions will feel a level of trust that they had not had. It could jump-start crypto adoption. But remember – it is the opposite of freedom’s movement.”
Many analysts have expressed belief in the positive effect the exchange will have on the crypto space. Popular crypto analyst and Fundstrat Global Advisors’s Thomas Lee, also confirmed this trend of thought. He explained in a tweet, that he was “very positive on Bakkt” and its ability to enhance institutional trust in crypto.
His tweet reads:
— Thomas Lee (@fundstrat) September 20, 2019
Bakkt is currently supported by top institutions like Microsoft, Starbucks etc. With support from legendary firms like this, it is quite clear that Bakkt is aimed for success.
Send in your comments on the proposed Bakkt launch, I would love to hear from you.