Lawyer: Don't Overestimate Bakkt's Impact on the Crypto Market
2018年11月8日 - 10:43PM
ADVFN Crypto NewsWire
Jake Chervinsky, a government enforcement defense and securities
litigation attorney at Kobre & Kim LLP, has stated that while there are some
positives in the entrance of Bakkt into the crypto market, its
impact on the emerging asset class is yet to be determined.
Throughout the past several weeks, Bakkt has been considered as a major catalyst
for the next rally of Bitcoin and other major cryptocurrencies in
the global market. However, as of November, it is premature to
conclude that Bakkt will initiate the next big rally of the
cryptocurrency market.
“In the minds of many, Bakkt’s launch has become a full-fledged
narrative for when & how the bear market will end. It plays the
same role as bitcoin ETFs as a trusted vehicle to bring that sweet
institutional money into the space, but without all the trouble of
SEC approval,” Chervinsky said.
Why Bakkt is Important to Crypto
Bakkt is a platform for institutions, merchants and consumers to
trade, store and spend cryptocurrencies, as former ICE Digital
Assets head and Bakkt CEO Kelly Loeffler explained, backed by ICE, the
parent company of the New York Stock Exchange (NYSE).
As the operator of the biggest stock market in the world,
ICE has decades of track record and reputation in the traditional
finance sector, as well as the authorization by the Commodities and
Futures Trading Commission (CFTC) to operate as a designated
contract market with the ability to self-certify a futures
product.
Hence, Bakkt has the ability to operate a Bitcoin futures market without direct approval from
the CFTC. By merely filing a license prior to its launch on
December 12, Bakkt can operate a Bitcoin futures market.
Dissimilar to existing Bitcoin futures market, ICE and Bakkt
will physically deliver BTC to the buyers of Bitcoin futures
contracts on Bakkt, which will have an impact on the supply of the
dominant cryptocurrency, and most importantly, its price.
“ICE entering crypto feels like a big deal. It’s an established,
respected & powerful player in the finance industry. In other
words, large institutions trust ICE with their money, including
those institutional investors who many people think are key to the
next bull run. Also noteworthy is the fact that Bakkt will custody
& deliver real bitcoin. That means institutional inflows would
reduce supply & thus (maybe) increase price too.”
If the demand for BTC rises throughout the next two months and
Bakkt does start to see strong demand from institutional investors,
then the futures market of Bakkt could
have a significant impact on the actual price of BTC.
Too Early to Get Excited
There still exists many variables and conditions to the
successful long-term growth of Bakkt.
The Bitcoin futures market of Bakkt is the company’s first
product and the start of the first phase of its development. Phase
two, as Chervinsky explained, is expected to be a consumer payment
application that allows companies like Starbucks, a backer of
Bakkt, to process merchant payments with ease.
But, it remains unforeseen whether Bakkt has established a clear
vision to target merchant adoption or to leverage the involvement
of conglomerates like Starbucks and Microsoft in its business to
expand its crypto venture aggressively.
“Phase two is a mystery. Bakkt hasn’t said what it is or when
it’s coming. Given all the talk about ‘spending’ via Bakkt, I’m
guessing it’s some type of consumer-grade payment system. Maybe the
kind you’d use at Starbucks to buy coffee with bitcoin. We’ll have
to wait and see.”
The first phase of Bakkt, which is the release of its futures
market, has to be completed first to evaluate its potential impact
on the asset class properly. Until the company release its plans to
pursue its second phase of growth, it is too early to determine the
effect Bakkt will have on the industry.
Source:
CCN
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