ICE Founder Doesn’t See Bitcoin’s Price As Being A Factor In Decision To Open Crypto Asset Trading Platform
ICE Founder Doesn’t See Bitcoin’s Price As Being A Factor In Their Decision To Launch Bakkt Platform
On Tuesday, Jeffrey Sprecher spoke at a panel discussion at the CoinDesk’s Consensus: Invest conference. The founder, chairman, and CEO for the Intercontinental Exchange (ICE) spoke with Kelly Loeffler, the Bakkt CEO, at the panel, primarily bringing up the upcoming launch. When the discussion came to the Bitcoin price lately, Sprecher voiced their “agnostic” stance on it.
The statement was made in response to an inquiry by Michael J. Casey, who was moderating the discussion. They discussed the cryptocurrency market as a whole, though Bitcoin was a topic of interest. Bitcoin’s continually changing price right now has little impact on Bakkt’s decision to launch their “open and regulated, global ecosystem for digital assets.”
“The price is being expressed but there’s a lot of missing infrastructure and use cases.” The twosome continued to cover many different concerns in the market, like the urging to appeal to institutional investors and how the company is handling their rival startup Coinbase. One of the biggest issues seemed to be why the company opted to move from a December 2018 launch to a January 2019 launch.”
The delay, according to Loeffler is mainly due to the fact that the “pipeline filled up with customers” after they made their announcement in August. Furthermore, it is intentional of the platform to launch after the holiday season, hopefully making it a more productive launch. Bakkt is also aiming for price discovery in federally-regulated markets.
Explaining, Loeffler said,
“If you think about commodities or equity indices, the S&P500, that price is established in a federally regulated market, we don’t have that in the crypto market today. That’s what we’re focused on bringing along with a myriad of other features.”
The finale of the panel came as a question for the launch of Bakkt – why Bitcoin is the current focus at the start. Sprecher noted that the market most broadly accepts Bitcoin as the top cryptocurrency right now. He said,
“Oftentimes in finance, it’s not about being the best; it turns out about being the broadest and the most commonly accepted. And for whatever reason, bitcoin has sort of became that.”