Bakkt BTC Futures Reached “Critical Mass” And Expected To Launch Soon

The latest cryptocurrency news show that a new delay on the Bakkt BTC futures launch may be on its way, after it apparently reached “critical mass”. In the coming week, Bakkt is expected to test-launch its Bitcoin (BTC) futures product. And while many have begun to doubt its viability as a medium for institutional adoption, this may not be the reality we are facing.

Earlier this week, the team at Fundstrat Global Advisors (a market analysis firm) with roots in the crypto space, attended the Bakkt Institutional Digital Asset Summit that was hosted by the New York Stock Exchange (NYSE). The Bakkt BTC futures launch was described as a hug catalyst by many.

“We think #Bakkt could be a huge catalyst for institutional participation in the #crypto market. Here are our takeaways from the Bakkt institutional summit yesterday at the NYSE… #bitcoin #BTC #ETH,” one of the tweets which went viral on many best cryptocurrency news sites reads.

As per analysis from Sam Doctor of Fundstrat, institutions and other entities in attendance were not only bullish on Bakkt but the broader Bitcoin and cryptocurrency market, too. In a recent Fundstrat research note to Twitter, Doctor explained that his first-hand experience of the event slated to be the first US regulated vehicle of its sort that is physically delivered. He pointed out to the Bakkt BTC futures, saying:

“As we have written before, Bakkt tackles many of the barriers to adoption for traditional investors seeking to expand their mandate to include crypto.”

He also went on to write that there “appears to be a critical mass of adopters ready to come on board on Day 1 of the Bakkt launch,” noting that the firm’s sales team is starting to ramp up discussions with everyone from brokers and market makers.

The news comes hot on the heels for Bakkt BTC futures. Earlier this year, the company made a series of hire as their “Careers” page noted. One job listing called for a mobile app developer which sparked a further discussion about Bakkt’s plans post-Bitcoin futures.

An excerpt from Bakkt.com reads:

“Whether between consumers and merchants or peers, the ability to conduct transactions in digital assets holds promise as a these new global currencies evolve beyond a store of value or speculative assets, and as distributed ledger technology scales. Bakkt is working with leading merchants who recognize the potential of digital assets.”

Earlier reports have suggested that Starbucks may be one of the users of Bakkt’s eventual payments solution which is most likely to involve Bitcoin.

Currently, the Bitcoin and altcoin news show stability on the market after the wide breakout.