2018 proved to be a devastating year for Bitcoin. The price of the cryptocurrency went down to almost 3/4 of what it was while entering 2018. Now, with 2019 already making up in 2019, Bitcoin hopes for regaining itself. It is looking up for every method which could lead it to enhance itself to its desired position in crypto space. In this process, Bakkt seems to be the last hope for Bitcoin. In this article, let us focus on the factors which enable us to conclude that Bakkt is the last hope to Bitcoin to regain its superiority in the crypto space.
To compete in the fast-growing crypto space, ICE (Intercontinental Exchange), the organization responsible for the smooth working of famous NYSE (New York Stock Exchange) came up with a product titled Bakkt. No one can doubt the experience that ICE has when it comes to operating security as it has been owning and running various other exchanges too. So, the safety and operations of Bakkt are never in a region of doubt in crypto space.
What makes Bakkt different from other competitors?:
Microsoft was the first colossal company that collaborated with this product from ICE. ICE made an official statement in mid-2018 about this. The main aim of this collaboration was to create an open and legal environment for a digital property with the help of the Microsoft cloud. This collaboration is a game-changing move made by Bakkt.
Apart from Microsoft, there are some other big companies like Starbucks, BCG, Pantera Capital, etc. who support this exchange. Even Starbuck has started to allow its audience to buy some of its products via bitcoin with the help of Bakkt.
How Bakkt appears to be the last hope for bitcoin?:
There are several indications and feature regarding Bakkt which lead the trade analyst to predict that it could work as a catalyst to help the crypto space to reach its desired positions. Bakkt aims to provide a wide range of facilities which may uplift bitcoin in the future. Let us have a glance at the factors which may lead us to conclude that Bakkt is the last hope of bitcoin:
1. Main Features of Bakkt:
Three main features which are meant to be provided by Bakkt are: Efficient, Seamless and Secure. Bakkt is designed to provide a non-stop service to buy, store, sell and spend on the digital property to its customers. It aims to collaborate the blockchain to the infrastructure and the existing market to provide efficient, trust and security. This is undoubtedly going to enhance the use and price of bitcoin.
2. Aimed market space of Bakkt:
Bakkt aims to provide its service throughout the entire crypto space from a single consumer to prominent giant merchants. BCG, Starbucks, Microsoft, Protocol Ventures, Alan Howard are some of the big names which have been using the service of this ICE product. Starbuck has even started converting the bitcoin paid by its customers into US dollars using this product.
According to Bakkt, even though the crypto space has been expanded so huge, there still is a large potential of the transformation of the digital assets into the financial market.
3. Potential to bring mainstream acceptance:
Mainstream acceptance is the hardest thing to achieve in the crypto market. This is what in which the crypto space has been struggling with. The private storage company sold a lot of cases having headlines such as credential data of digital assets for their profit and greed ignoring the privacy they promised to provide or the sudden decisions and movements made by banks lead few to lose all their savings etc. Somewhere the concerns mentioned above were a part of the severe loss that crypto space suffered in the last few months.
Somewhere, people have faith in Bakkt which is a company of ICE. People are already aware of the managing power and capacity of ICE. Further, the brand of Microsoft for storage is somewhat most of the people can trust in for the security and privacy of their credential data. So, combining both factors, people may have faith in this new product to overcome the bottleneck that leads people to suffer last year. Undoubtedly, Bakkt has the potential to bring mainstream acceptance.
4. Potential expansion and growth in the market:
Bakkt is continuously attracting small as well big organizations towards itself, and it was still possible to grow further. Microsoft, being itself one of the trusted and popular software provider of the world, more and more smaller developers will embed the Bakkt to make their software more reliable. The brand and trust of Microsoft will undoubtedly increase the attraction of developers towards Bakkt. This all lead to expansion and growth of Bakkt and eventually, securing the future of Bitcoin and strengthening it.
5. Potential conversion of Bitcoin to common currency:
Bakkt not only monitors the change in the price and the movement of trade of bitcoin but also will try to trade the cryptocurrency. This is what new Bakkt has come with and is attracting the people once again towards itself. Bakkt aims at finding a secured price conversion of the digital asset like bitcoin to a financial asset like common financial market currency and if this conversion expanded as expected by Bakkt. Bitcoin will rise to a height never seen before.
Conclusion: Well, it is never easy to predict the future and especially in crypto space. No one had ever predicted to the downfall of bitcoin to such a depth in 2018. But still, a conclusion can be made that Bakkt is the product that the crypto space was aiming for a long time to more exploration into the market. Being a product of an organization which owns the world’s largest stock exchange and having the support of trustable companies like Microsoft is what that can bring the acceptance of bitcoin into the market once again. Considering the above-mentioned points, it would not be wrong to state that if there is any last hope for bitcoin, then it is Bakkt.