Bakkt launched their Bitcoins future contracts where the buyer bets on the Bitcoin price and whether it will go up or down and pockets or pays the difference. Bakkt also launched their Bakkt Warehouse service for storing the bitcoin futures safely this month. A project that took a year to be finalized and clear the norms and regulations that were put forward by the governments is finally live and running.
The question that remains is-was it worth the wait?
Crypto community is always ready for new opportunities to work with and witness and Bakkt futures contracts services is one of them. The news about the launch was all over the internet, and it was the hot topic of discussion for almost every crypto enthusiasts and crypto traders.
But the response to the launch was rather cold and not what everyone was expecting. People expected huge traffic on the platform and piles of investors waiting to be a part of the community, but the reality was quite different from the expectations.
Growth of Bakkt will be a slow process since its a new platform, and if we compare it with CME, there is a huge difference in both the exchanges. Bakkt on its first day made a trade of 72 Bitcoins worth $701,000 whereas CME on its first day in 2017, traded 5298 Bitcoins worth $1.3 billion.
Things were different back in 2017 as the regulations were not that strict and the economy was working in favor of the people, and things were good. With some time, we can expect the Bakkt platform to gain popularity as well, and even the crypto community is positive about Bakkt’s future.
Fundstrat Global Advisors CEO, Thomas Lee argued that Bakkt is the platform that will help in giving Bitcoin and cryptocurrencies a better reputation and in the coming time, Bakkt will have a huge impact on the crypto space.
CEO and CIO of Three Arrows capital tweeted also backed up Thomas Lee’s belief by stating how new and regulated futures contracts see a low adoption on the day of their launch.
Bakkt will be likely first a trickle and then a flood. The reality is that most regulated futures contracts get low adoption on day1 simply b/c not all futures brokers are ready to clear it, many ppl want to wait and see, the tickers are not even populated on risk systems, etc.
— Su Zhu 🦁 (@zhusu) September 23, 2019
Bitcoin took years to gain popularity so we can give another chance to Bakkt’s Bitcoin futures contracts after all the efforts they have put in the development. But also let’s not get our hopes high with the platform.
