#Bakkt Is Bakkt the last hope for Bitcoin? Published 3 months ago on January 24, 2019 By Nadja Eriksson Share Tweet 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. Bakkt: 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. Related Topics:BakktBakkt bitcoin futuresBakkt bitcoin futures exchangeBakkt blockchainBakkt btc futuresbakkt certain assetsBakkt dateBakkt delayBakkt delayedBakkt ExchangeBakkt exchange launchBakkt futuresBakkt launchBakkt launch dateBakkt launching Up Next How Gold Price can help in Bitcoin Price Prediction Don't Miss How to use Blockonix DEX: A step by step guide Continue Reading Advertisement You may like Alert: CBOE Bitcoin Futures Put on Hold Starbucks backing out of bitcoin adoption? Bakkt: How will it affect Bitcoin Price? BTC to the moon? Apple going to launch its own blockchain soon? Bakkt: Huge Budget for 2019: Taking Bitcoin to the Moon? Is Bitcoin about to Boom? Is it the best time to buy BTC? 1 Comment 1 Comment JD January 24, 2019 at 5:42 am A more correct title would be “Bakkt is completely irrelevant for the success of bitcoin but may hasten the run up” Reply Leave a Reply Cancel reply Your e-mail address will not be published. Required fields are marked *Comment Name * Email * Website #Bakkt Bakkt: How will it affect Bitcoin Price? BTC to the moon? Published 2 months ago on February 22, 2019 By Joyce Lang If there is approval on Bakkt by the US Commodity Futures Trading Commission (CFTC), then the Bitcoin futures trading system could contribute to a strong Bitcoin turnaround. The previous post on bakkt clearly describes that the venture’s founder, Intercontinental Exchange (ICE), is no doubt the world’s most successful financial exchange operator. Which is also led by the visionary entrepreneur Jeffrey Sprecher, ICE also owns The New York Stock Exchange and leading futures exchanges in many major categories of the asset. This extraordinary track record seems to appeal to institutional investors, whose regulations require investing through government-regulated channels. The lack of approval of US regulatory helps to explain why many institutions have sat on the crypto sidelines. Bakkt has also appealed to some big financial institutions. JP Morgan has recently announced the launch of its own centralized cryptocurrency. And that may not prevent JP Morgan from using Bakkt to trade Bitcoin for its own account, or for clients. Bakkt is designed to both facilitate trading and strengthening Bitcoin’s fundamentals. According to Bakkt, partnerships with tech giant Microsoft and retailer Starbucks will help in the development of the next generation. Bakkt Launch The shutdown of government and the absence of CFTC regulatory approval have postponed the launch of Bakkt. According to Sprecher’s statement during ICE’s report, the ventures are said to be launched later this year. Bakkt has also claimed that the delay in the decision has allowed it to build a powerful base for institutions that are interested in its services. It has also raised $182 million for the venture and has also invested a considerable amount in the project, estimating its annual costs for Bakkt at over $20 million. It seems quite possible that Bakkt could receive the approval from the US government for its venture this year. If it happened so, then the investors could experience a new level of confidence in the future of Bitcoin and in the market of cryptocurrency. Continue Reading #Bakkt Bakkt: Huge Budget for 2019: Taking Bitcoin to the Moon? Published 2 months ago on February 12, 2019 By Nadja Eriksson The Intercontinental Exchange which is the company behind Bakkt has said that they are planning to spend around $20 million to $25 million on Bakkt in 2019 which is a whole lot of money. Bakkt raised $182 million at the end of 2018 from some of the biggest venture capital firms and corporations who believe in the mission that Bakkt is trying to achieve and ICE is really serious about bringing Bakkt to life. They are currently gobbling up some of the best talents in the crypto space. Even though we have seen Bakkt’s future contracts being delayed twice, this is somewhat because the CFTC was shut down during the US government shutdown and they are the ones who are going to decide when the Bakkt futures contracts are allowed to happen. Time will tell when exactly Bakkt’s futures get launched but they are surely coming. It’s just a matter of when and not a question of if. Bakkt: Not just Futures Contracts It’s also worth remembering that Bakkt is much more than futures contracts. Bakkt is about buying, selling, storing and spending digital assets such as bitcoin. They are looking at payment integrations with companies like Starbucks. We see the interest from giant corporations that are getting into it and they surely know the future of technology and Bakkt could really be a very important piece of that future infrastructure. They are looking at regulated trading, regulated clearinghouse and a regulated warehouse or custody of cryptocurrencies. All of these things are very important especially for institutional investors and hedge funds. Custody equation will be very important for many people in the crypto world. They are literally some institutions who are prohibited from investing in things like bitcoin via their own charters or local regulations. That’s why they need to have these paper products like Bitcoin Futures, Bitcoin ETF or some kind of safe custody which is what Bakkt is setting up. Bakkt Investment: A Moonshot Bet The CEO of ICE Jeffrey C. Sprecher came out to say that the investment in Bakkt is their moonshot bet. He said that it is not a typical ICE product and it is not what they normally do and they see huge potential in it. They are not only spending millions of dollars in making this happen but a lot of time and energy as well. The likelihood of success is extremely high and the likelihood of this paying off in huge dividends for the Intercontinental Exchange is very real. He also said that Bakkt is surely coming but later this year so there is yet another delay. It’s not all their fault by any means. There are external circumstances which are making it hard to have that full regulation. Without the regulators sitting in their offices working makes a lot harder to make these visions become reality. Wall Street: Wall Street is a real mixed bag and ICE is the representation or inside player and they are the ones launching Bakkt. So Wall Street is surely coming to the party. But it is worth understanding that we really don’t need Wall Street at the cryptocurrency party but they are coming regardless of whether we want them or not. Futures contracts are already happening and we are surely going to have more of them. Bitcoin ETF and different traded paper products are surely going to happen soon and it’s inevitable. Because of the money, serious professionals backing it, their insider connections and the trust factor of the Intercontinental Exchange and the New York Stock Exchange Bakkt, Bakkt is surely going to be huge. According to unconfirmed reports, huge companies like JP Morgan are looking at looking at Bakkt for their cryptocurrency trades. It is worth noting that apart from Bakkt, there are other big players entering into the crypto industry too. We have Fidelity which is also going to be a big player when it comes down it. All of this is coming together around the same time. 2019 is surely going to be a very exciting year in terms of cryptocurrencies and the fundamental things that are happening in the background. What do you think about the future of Bakkt? Tell us in the comments section below. 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