As the end of 2018 is approaching, we can say that those who were expecting a bull season during this year were greatly disappointed.
Following the dives in the past weeks, BTC is currently trading close to $ 3400. Bitcoin has lost over 80% this year.
Despite the ongoing decline, many investors are hoping that the market will recover. One of the biggest factors that could end the winter of crypto money is the start of Bakkt, Bakkt plans to start Bitcoin futures on January 24, 2018.
Speaking on behalf of the Weiss Crypto Money Assessments, Bruce Ng Bakkt’s scalable crypto money platform believes it will make a big difference, especially as it targets corporate investors. Bruce Ng stated:
It is hard to imagine a scenario where Bakkt has no big influence. Doors will be opened for institutional investors and will be able to enter the crypto money area. Finally, we can see that the market has reached a different point.
On the other hand, Ng foresees that the creation of surveillance accounts for the crypto coins can attract institutions operating in the over-the-counter markets to Bakkt. In addition, new institutions may be involved, as some institutions do not have access to a crypto-money area because they cannot find a reliable door.
Ng also thinks that Bakkt may also influence the SEC’s decisions. As you know, the SEC had previously rejected the EFTs and stated that there was no reliable source for the price. Bakkt is thought to solve this problem.
Can Bakkt have any bad effects? Some investors have expressed concerns about this issue:
Wall Street can control crypto coins with leveraged operations. It is a concern that high-risk crypto-money by-products may create an environment similar to the 2008 debt crisis. In fact, we have seen that Bitcoin, which has emerged as part of the solution to the problem of 2008, eventually becomes part of the problem.
Another disaster is that deep pockets try to manipulate crypto coins for by-products. Bakkt answered these concerns by declaring that they would not do leveraged transactions. It can be said that Bakkt, supported by ICE, is a highly respected enterprise. It seems inevitable that Bakkt will create the expected impact with partnerships such as Microsoft and Starbucks.