As I understand it, they're selling themselves as sort of a Coinbase/Bitpay, but with a wall street backing to provide legitimacy.
If you look at the BTC bull narrative, they are basically betting on this single factor for their hypothetical "next bull run" (aside from the fact that the technical analysis shows some critical change is about to happen)
While this is pretty pathetic that the only straw BTC is grasping for is some top down institutional regulated exchange for amplifying the "HODL" narrative, I do think this is not some joke, and may actually impact the trend in the next couple of months.
The thing with Bakkt is they are saying the first product they will provide is BTC futures. And I'm thinking this may drive the speculative investment up for a bit. But I'm not so sure how much impact it will have. It could be like those previous institutional efforts that actually came at the peak and started the bear trend.
Another thing I'm thinking is, if you look at the partnership announcement, they're saying they've partnered with Starbucks, Microsoft, etc. But upon reading deeper into it, it sounds like nothing more than a Coinbase style system where people can purchase BTC, but actually pay to Starbucks and MS in dollars (but the user's Bakkt account will be deducted in BTC). So is this just another coinbase clone (but with a wall street connection)?
What will that mean for BCH? Would it be like the Bitpay experience where you can just charge your Starbucks card with Bakkt and Bakkt carries both BTC and BCH among many other cryptocurrencies? In that case I think this will be a good news for BCH in the long run since it has one of the cheapest transaction fees and large network effect.
I am wondering what you guys think.
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