This could spark Bitcoin's breakthrough as a mainstream currency

by , 03 September 2018
This could spark Bitcoin's breakthrough as a mainstream currency
Forget about the much-anticipated Bitcoin ETF.

Forget about the “big win for bitcoin” I mentioned last week.

You see, there's even bigger news that could be a game-changer for bitcoin and cryptos.

In short, Bitcoin could be on the verge of breaking through as a mainstream currency.

And it's all thanks to a start-up company that's soon to be launched by one of the most powerful players on Wall Street, with backing from some of America's leading companies.

If anything is going to kick-start crypto markets, it's this…

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The biggest crypto news of 2018

The new venture, which is expected to launch in November, will offer a federally regulated market for Bitcoin. With the creation of Bakkt, ICE aims to transform Bitcoin into a trusted global currency with broad usage.
 
To achieve that vision, ICE is partnering with heavyweights from the worlds of technology, consulting, and retail: Microsoft, Boston Consulting Group, and Starbucks.

The founding imperative for Bakkt will be to make Bitcoin a sound and secure offering for key constituents that now mostly shun it—the world’s big financial institutions. The goal is to clear the way for major money managers to offer Bitcoin mutual funds, pension funds, and ETFs, as highly regulated, mainstream investments.

 
In short, this platform could see massive amounts of money making its way into bitcoin. And not just from any investors, but the multi-millionaire and billionaire institutional investors. 

While this is huge for bitcoin, there’s another reason why Bakkt could be a game-changer.

You see, it also aims to solve the issues the Security Exchange Commission (SEC) has stated regarding a Bitcoin ETF.

On 3 August, the Intercontinental Exchange (ICE) – which owns the NYSE – revealed plans to launch a crypto platform – called Bakkt. 

An article from Fortune revealed,


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Bakkt has already solved two of the SEC’s main concerns
 
So far, the SEC has rejected around 10 Bitcoin ETFs and they highlighted the two main reasons why:
  1. Lack of trusted price formation.
  2. Reliance on futures markets and derivatives.
However, Bakkt’s new venture won’t allow Bitcoin to be traded on margin or leverage.

Bakkt said, “A critical element to price discovery is physical delivery. Specifically, with our solution, the buying and selling of Bitcoin is fully collateralized or pre-funded. As such, our new daily Bitcoin contract will not be traded on margin, use leverage, or serve to create a paper claim on a real asset.”

In fact, the Bakkt exchange satisfies both requirements from the SEC.
Now, if Bakkt continues to focus on finding a trusted price formation, it’s possible that it could positively impact the approval of the first bitcoin ETF.
If anything is going to kick-start crypto markets, it will be the launch of this service and its physically backed bitcoin futures.

This is just another good reason to ignore the wild crypto price swings and hold onto your cryptos for the long-term.

See you next week,
Joshua Benton,
Managing Editor, The South African Investor

 

P.S.The next ‘surge-phase’ could be imminent – Here’s everything you need profit from this revolution.



 

 


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