Bakkt Cleared To Launch: Top 5 Reasons Why This Is Bullish For Bitcoin
The wait is nearly over for institutional investors. After several setbacks, Bakkt is set to launch on Sep 23. This is excellent news for institutional investors planning on entering the cryptocurrency scene. Bakkt’s launch will see their daily and monthly Bitcoin futures contracts released, allowing institutional investors to participate in a growing crypto market.
Here are five reasons (in bold) why Bakkt is bullish for Bitcoin.
Paving The Way For institutional investments
By tapping into this market, Bakkt will be paving the way for more investments into Bitcoin, and subsequently, the cryptocurrency market.
Bitcoin’s performance in 2019 continues to encourage investors on the possibilities of record-breaking prices in the future.
Investment in Bitcoin, and largely cryptocurrency, is mostly being done by individuals. Institutionalized and regulated Bitcoin investments are a rarity in the market.
Bakkt’s entry into the cryptocurrency industry will inject confidence into investors who prefer a regulated framework around any of the investments they make.
Secure Storage For Bitcoin
Furthermore, it must be noted that Bakkt also provides secure warehouse facilities for the storage of Bitcoin. The storage facility is a strategic service as it adds confidence to investors that their assets are stored securely.
Established Names Will Lead To More Established Entries
Bakkt is associated with names that are established and respected in the global markets. It is under the parent company of the NYSE, which is likely to interest other huge names in the trading sector.
Further, its association with NYSE is already enough to pull investors from the global scene.
On-ramp For Increased Institutional Investment
Given its origin, Bakkt is likely to appeal to more traditional investors. This will pump in new money into the cryptocurrency industry and also promote the growth of the industry through other dealings.
With more traditional investors involved, traditional corporations may opt to incorporate Bitcoin payments services in their daily operations.
The adoption of Bitcoin by the retail sector is vital in its predicted growth.
Moreover, with the expected improvements of Bitcoin payments through the Bakkt platform, payments will be faster and more efficient, thus suiting the retail payment needs.
Bakkt’s operations may make it easier for Bitcoin to be integrated into more retail stores through the influence of the investors Bakkt is likely to pull.
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Sal Miah is the senior editor at Blockspectator News and is a regular contributor to a variety of cryptocurrency news websites and projects. He has written hundreds of articles on numerous topics related to blockchain and also has a special interest in financial markets. Contact him directly at firstname.lastname@example.org