Bakkt Legitimizes Bitcoin, Brings Trust to The Number One Cryptocurrency It Always Needed

The crypto platform of the International Continent Exchange (ICE), Bakkt, is set to go live on September 23. Because of this, several traders are already theorizing about the effects that this can have on the Bitcoin market.

Tom Lee, the prominent analyst of Fundstrat Global Advisors, has recently affirmed that Bakkt could have a very significant impact in the industry. According to him, it will be the first platform to offer physical BTC futures and will raise the trust in the market.

He also believes that the launch could impact prices in the short-term. BTC has just dropped below $10,000 USD and then went up again. Now, it is recovering slowly. With Bakkt, however, a bullish move could happen and this would raise prices.

Several institutional investors have still not entered the market and the Bitcoin exchange-traded fund (ETF) is still far from a reality, so Bitcoin is really in need of some legitimacy right now. For years, its stigma of being related to illegal activities has harmed its potential, but Bakkt may change that.

The U. S. Securities and Exchange Commission (SEC) chairman Jay Clayton has recently spoken about how Bitcoin is still in its infancy and the ETF will only be approved when the market is more trusted and regulated.

Not only Bakkt is fully regulated and created to cater to institutional investors, but it is backed by companies such as ICE, Starbucks and Microsoft. This will certainly be a huge step forward for Bitcoin.

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Hank Klinger
Hank Klinger
Hank Klinger has been working online for seven years now. He has written for several national companies. Hank has been a part of our team for over three years, reviewing ICOs, new cryptocurrencies and helping us keep up to date with industry news. His primary knowledge is in marketing, sales, and advertising, and he uses that knowledge to research and pick out reliable sources of information to use as a basis for his writing.

[Alert] Use the author's self-conducted information at your own risk, do you own research, never invest more than you are willing to lose.

[Disclosure] The published news and content on BitcoinExchangeGuide should never be used or taken as financial investment advice. Understand trading cryptocurrencies is a very high-risk activity which can result in significant losses. Editorial Policy \\ Investment Disclaimer

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