CNBC Analysts Claim Bakkt Was Not A Tipping Point For BTC Adoption

CNBC analysts believe that Bakkt was not exactly the tipping point for a mass bitcoin adoption since the intercontinental exchange launched its much-awaited Bitcoin futures contracts after more than a year of regulatory setbacks as we read in the previous altcoin news.

While many believed that there will be fireworks at the launch, nothing really happened. As according to the Intercontinental Exchange’s market data, the product has processed only 70 BTC in volumes for the first trading session. This started the theories by the CNBC analysts saying that Bakkt will not be the tipping point for the adoption of cryptocurrencies.
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They still believe that it will be very important for the growth and viability of this asset class in the long term. According to the latest episode of ‘’Fast Money’’ on CNBC, Bakkt is not the best thing that has happened since the exchange did not come with its benefits. The chief executive of BKCM Brian Kelly, argued that the regulated and large-scale investment products such as Bakkt, will ‘’tamper down the volatility’’ on the bitcoin markets but of course, volatility is what the industry leaders believe will drive the adoption.

The director of the institutional sales at Stuart Frankel and Co. Inc. echoed this optimism and he stated that this product will provide the traders with access to Bakkt ‘’ much more confidence’’ and will overall give ‘’credence to the whole Bitcoin story.’’ While the consensus on the show was that Bakkt will entice the institutions in and will improve the liquidity, Kelly went on to bring up a very important message:

 “The way that this product is structured, you can go into Starbucks with Bitcoin — they have it on their books — you can pay with BTC, they can hedge out any of the volatility, then they can have cash at the end of the day. Bakkt gets the medium of exchange [narrative] out there.”

As per the latest cryptocurrency news reports, Bakkt is actually working very closely with Starbucks as one of the largest restaurants chains and the coffee giant managed to secure a huge part of the Bakkt stakes in return for ‘’commitment to allow Bitcoin payments in-store 2019.’’