Tom Lee, the co-founder of research boutique Fundstrat, is certain that Bakkt will bring the necessary level of trust into the world of cryptocurrencies, allowing institutional investors to freely dip their toes into this nascent market.
The ICE-backed exchange is expected to launch its physically-delivered Bitcoin futures on Sept. 23.
Bakkt is just around the corner
Bakkt was supposed to be launched back in December 2018. Despite multiple postponements, the hype around this platform has reached enormous proportions.
Unlike CME, which offers cash-settled Bitcoin futures, Bakkt customers will be able to get their payouts in BTC when a contract expires.
As reported by U.Today, Bakkt Warehouse, the company’s custodian service, recently opened its doors for customers, and that coincided with somebody moving a whopping $1 bln worth of BTC on the same day.
Crypto hopium goes through the roof
Bakkt is not the only major event to keep a close eye on. CME futures rollover is also expected to happen around the same time. According to trading expert Josh Olszewicz, this could be even more impactful in the short-term.
CME contract rollover as well, maybe more impactful in near term pic.twitter.com/hWRX7DmEWE— Josh Olszewicz (@CarpeNoctom) September 20, 2019
Meanwhile, the great descending triangle of 2019 is inching closer to the long-awaited resolution, which is about bound to happen at the same time with the launch of Bakkt’s Bitcoin futures.