ICE Bakkt Crypto Platform Can “Pave the Way for Bitcoin ETF Approval”
Brian Kelly, who is the founder and CEO of BKCM LLC, recently engaged in an interview with CNBC Fast Money, where he discussed how Bekkt’s role in the cryptocurrency world. The startup comes from the Intercontinental Exchange (ICE), and Kelly has gone as far as to call the launch the “biggest news of the year.”
During the discussion, the interviewer naturally spoke about the recent rejection of the Winklevoss ETF, to which Kelly said that there was not any regulated exchange or custody involved. That is the main reason that the denial seemed to happen, while ICE’s EFT submission will “pave the way for Bitcoin ETF.” The potential that this approval would bring to the industry is massive, since it could eventually help with Bitcoin’s ETF with the potential for a licensed warehouse and broadening the impact of the Bitcoin exchange.
Kelly also claimed that the exchange company for Bitcoin is on par with the level of excitement in the industry involving Bitcoin Futures. The issue with Bitcoin Futures is the limits they plan on the number of people that can be involved. The most common use for this option is for protection of funds, utilizing diversified portfolios.
Though nothing has been confirmed, the platform has been discussing the integration of investment options like 401k funds, intro-funds, and fidelity accounts. Users of the platform will also be able to purchase both Bitcoin EFTs and Bitcoin mutual funds, which is the change needed to fill the void that used to exist in the cryptocurrency market, according to Kelly.
There does not seem to be a doubt in Kelly’s mind of the value that Bekkt holds, especially considering their quiet world on the project over the last 13 months. Allegedly, there is already been discussions with regulators to prepare the exchange for their November launch.
Kelly believes that the growth has been slow as a result of the bear market being so bullish. Most people do not even know about these changes, since the Bitcoin market thrives the most in Asia of any other area. Once the Asian investors get wind of the changes, there is a big chance of a boost in price. Regarding the partnership being established with Starbucks, Kelly said:
“Starbucks is going to allow you to take your crypto and effectively load a US Dollar card with this. We don’t have a problem with our payment in the US… This is more of a move forward. If you look at Starbucks history, they are really at the forefront of digital payments particularly the retail space. So, to have them involved is more of a signal that this is becoming more of a mainstream.”