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Bitcoin Boom or Bust? Crypto Twitter Is Divided over Bakkt's Impact on Top Coin

  • Alex Dovbnya
    📰 News

    The Twitter poll posted by Bitcoin bull Anthony Pompliano perfectly gauges the current market sentiment ahead of the Bakkt launch

Bitcoin Boom or Bust? Crypto Twitter Is Divided over Bakkt's Impact on Top Coin
Cover image via news.u.today
Contents

Only three days are left until Bakkt rolls out its physically-settled Bitcoin futures, which is arguably the most anticipated cryptocurrency event of 2019. While the bulls are already drooling over their potential gains, not everyone shares their excitement. 

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All options are on the cards

A recent poll posted by Morgan Creek Digital co-founder Anthony Pompliano vividly shows that the market is on the fence.

After more than 3,500 Twitter users weighed in on the issue, the votes are almost split even with the “No change to price” option having a slight edge. Some suggest that the Bakkt hype has been already priced in. Bitcoin barely blipped after Bakkt finally announced its launch date, so its impact on the market could be overestimated.

One user opined that Bitcoin whales could put a spanner in the works for the bulls by shorting Bitcoin en masse given that everyone expects the price to go up on the Bakkt news.

Another suggestion is that Bakkt will be used by institutions as an opportunity to short Bitcoin just like CME’s futures that were launched right on the verge of the big collapse in January 2018.

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Driving Bitcoin adoption

Moving away from the price talk, a recent Fortune article claims that Bakkt will be able to solve Bitcoin’s adoption problem by dealing with its main pain points, such as volatility and lack of trustworthiness.

The funds that trade on our exchanges expressed to us that they don't want to deal in today's unregulated markets, and want end-to-end federal oversight, on the level of the NYSE, to feel safe trading in Bitcoin," says Bakkt CEO Kelly Loeffler.

Not to mention the reputational boost that Bitcoin will be able to get solely from the fact that none other than Jeff Sprecher, the financial titan who spearheads Intercontinental Exchange, is finally getting behind crypto.

With a confluence of hedge funds, family offices, and other institutional investors getting on the bandwagon, Bitcoin could become a stable currency that could serve as an alternative to traditional assets. In turn, this would also drive retail adoption.

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About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with an extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets.

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Ex-Congressman Says Fed Should Not Play With Own Cryptocurrency

  •  Denis Sinyavskiy
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    Former US Congressman Ron Paul shares his thoughts on the possible creation of Fed’s own cryptocurrency

Ex-Congressman Says Fed Should Not Play With Own Cryptocurrency
Cover image via www.123rf.com

Former US Congressman Ron Paul spoke on Fox Business and said that the Fed should not think about creating its own cryptocurrency.

Fed’s Crypto: To Be or Not To Be?

Rumors have been circulating for the past few months about the Fed possibly creating own cryptocurrency. It is expected that a digital coin would become a competitor to its counterparts on the market, and may even replace fiat money. President Patrick Harker, President of the Federal Reserve Bank of Philadelphia, commented on such rumors at a recent conference:

“It is inevitable. I think it is better for us to start getting our hands around it.”

However, there has not been no official follow-up by the Fed towards a crypto exchange. While proponents of this idea believe such innovation is necessary, it is expected that the exchange could stop the current delays involving US bank transfers.

What do the opponents think about the Fed's own cryptocurrency?

The idea of ​​creating the Fed's cryptocurrency has its opponents. This includes Ron Paul, who believes that the Fed is in a better position to stay away from digital coins and allow the private blockchain sector and payment platforms to resolve this discussion in real-time. What the Fed plans to do next is unclear, but the central bank may still enter the game.

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About the author

Starting with a simple interest in cryptocurrency, over the past two years, Denis has worked in a cryptocurrency fund and become an author with an analytical bias. His engineering degree helps with the analysis of the technical part of the cryptocurrency market. As a fan of cryptocurrency, Denis believes that the blockchain technology is the future.

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