Fundstrat analyst: Bakkt will launch Bitcoin futures already this quarter
Fundstrat Global Advisors managing director Sam Doctor (Sam Doctor) said that the launch of Bitcoin futures with physical delivery on the Bakkt platform should take place this quarter.
He made this statement on his Twitter page, summing up the Bakkt Digital Asset Summit event held on July 18. According to the analyst, the launch of the platform stimulates an accelerated influx of institutional investors into the cryptocurrency market.
“It seems that at the moment a large mass of people want to enter the market on the day of launch of Bakkt. The sales management team is gaining momentum in working with brokers, trading floors and liquidity providers, ”said Sam Doctor.
He also said that during the event, Don Stamp, Commissioner of the United States Commodity Futures Trading Commission (CFTC), expressed the view that cryptocurrency does not threaten financial stability, and users are showing heightened interest in Bitcoin futures with physical delivery.
Also at the conference was the investment director of the firm Blocktower, Ari Paul (Ari Paul), who said that cryptocurrencies have every chance of becoming widespread if they are also easy to use, like PayPal. He added that financial institutions should pay attention to a new class of digital assets, given that they have a low correlation with traditional markets and can rapidly increase in price. According to Paul, protection from inflation and expropriations by third parties are the main advantages of cryptocurrencies, because of which they grow in value.
Pantera Capital CEO Dan Morehead made a negative statement for those who are waiting for the “altcoin season”. He believes that most of the existing projects will demonstrate their inconsistency, and only a few protocols will survive and be in demand for creating decentralized applications. He also supported the opinion that Bitcoin has no “intrinsic value”, adding that the intrinsic value of Jackson Pollock’s paintings is $ 40 (the cost of canvas and paints), but this does not prevent them from growing in value.
Note that testing Bitcoin futures on the Bakkt platform should begin today, July 22.