Mike Novogratz Says Bakkt Bitcoin Futures Exchange Should Persuade SEC’s Crypto ETF Position
The Intercontinental Exchange (ICE) has been working in an institutional-grade cryptocurrency platform that is known as Bakkt. The virtual currency space is very excited about the possibilities that the Bakkt exchange will open to companies and other institutions.
On October 22nd, the company announced that they would be launching Bitcoin daily futures contract that can be traded from December 12, 2018. The funds will be stored in ICE’s Digital Asset warehouse and will be cleared by ICE Clear US.
Joseph Young, a recognized crypto analyst and journalist wrote on Twitter about Bakkt’s decision to clear Bitcoin futures on December 2018. He said that the SEC rejected 9 ETFs since the BTC futures market was not sufficiently liquid. For him, the entrance of Bakkt could change SEC’s viewpoint.
Interestingly, the recognized investors and crypto supporter Michael Novogratz, answered to Young’s tweet saying ‘It will.’
— Michael Novogratz (@novogratz) October 22, 2018
Although this seems very positive, there were some individuals that did not seem very positive about that. Some of them said that the market will need a higher degree of development and maturity before the SEC would approve a Bitcoin ETFs.
However, it is good that the community is already getting prepared for a new bull run after a year in which several virtual currencies lost 95% of their value or even more. Currently, Bitcoin (BTC) is being traded around $6,500 dollars.