Soon to launch Bakkt Bitcoin exchange is what the crypto market needs to build trust, says Tom Lee
|- Bakkt will encourage institutional investors to dive further into the cryptocurrency market.
- Expected CME futures rollout is expected to impact the market in the short-term.
Tom Lee a renowned Bitcoin bull and the co-founder of the research firm Fundstrat believes that Bakkt launch will be revolutionary for the cryptocurrency space. He is positive that it will help improve trust among institutional investors allowing them to freely explore what the industry can offer.
I am very positive on @Bakkt and it’s ability to improve trust with institutions to crypto https://t.co/7icnJp76GE
— Thomas Lee (@fundstrat) September 20, 2019
The exchanged that is backed by ICE is set to begin the trading of physically settled Bitcoin futures on September 23. The launch comes after several months of delay mostly due to regulatory hurdles.
Bakkt already started operations for its Warehouse, a custodial service. The day it launched a colossal $1 billion worth of BTC was transferred.
Also expected to impact the market is CME futures rollover around the same time of Bakkt launch. An expert in the industry Josh Olszewicz believes that CME futures will be impactful in the short-term.
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