Bakkt is a new cryptocurrency venture that is tapping into the expertise of numerous brands and companies, in order to explore blockchain technology and create a game changing landscape for the future of the markets. One of the key features of Bakkt is that going forward, it could spur on large institutional investment into the markets and could even make the climate a little easier for the roll out of Bitcoin ETFs. Therefore, we need to stop focusing on the SEC ETF decisions of today, and look forward to a future where Bakkt can facilitate as many Bitcoin ETFs as you can shake a stick at. In theory at least. You can see our initial coverage of the Bakkt announcement for yourself, here. According to new reports, Dan Morehead, the CEO of Pantera Capital has reflected this vision that actually, the news about the current ETF storm is irrelevant as going forward, Bakkt is sure to play a very big part in facilitating ETF’s in the future. According to Cryptoglobe, Morehead has told CNBC:
“The problem here is that we are no closer to a Bitcoin ETF despite a novel approach to getting around the issue that bothers the SEC... A decision was put off until September 30th, but don't kid yourself: the SEC is likely not considering anything other a lengthy brief on why they will deny the ETF at that time.”Moreover:
"I think it's going to be quite a long time until an ETF is approved... The last asset class to get approved for ETF certification was copper, and copper has been on Earth for 10,000 years, and it just got approved in 2012 after a very long multi-year process. I think ETFs and Bitcoin still have a quite a ways to go."
"In the last three or four business days, we've had two pieces of news. The ETF being rejected for the fifth time—that doesn't seem very interesting to me. But on Friday, the parent company of the New York Stock Exchange, which also owns $42 billion of other exchanges, launched a cryptocurrency exchange called Bakkt. That is huge news. That is going to be a very profound impact over the next five or 10 years for the markets, and, to my mind, that's what people should be focused on."See more for yourself, here. Bakkt does promise some big changes, but as Morehead sort of suggests, these changes aren’t going to happen in the space of a few days. Bakkt is on the long game and thus it is going to take time to materialise. As it stands, Bakkt is currently working alongside Microsoft, Starbucks and ICE, these are but a few of the partnerships currently active within the project and of course, make up just a few of the potential partners that Bakkt could have on board. Bakkt seems to be backed by the experts and by the institutions. Let’s shut up about ETFs for now and let’s focus on what the future holds. Of course, ETFs will be a part of the crypto future one way or another and perhaps Bakkt will see the start of this.