Altcoin News: Bakkt Bitcoin Futures to Be Launched Before the End of the Current Quarter

July 22, 2019, by Marko Vidrih on ALTCOIN MAGAZINE

Fundstrat Global Advisors firm manager and strategist Sam Doctor tweeted that the launch of futures contracts for the Bitcoin platform Bakkt should occur in the current quarter.

Sam Doctor prepared his message following the results of the Bakkt Digital Asset Summit event held on July 18. The analyst expects that the launch of Bakkt futures will accelerate the entry of institutional investors into the cryptocurrency market.

“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…,” he writes.

As follows from the publication, during the event, Commissioner for the Commodity Futures Trading Commission (CFTC) Dawn Stump expressed the opinion that cryptocurrency does not threaten financial stability, and society is showing an increasing interest in Bitcoin futures.

Ari Paul, an investment director at BlockTower, said at a conference that cryptocurrency will be widely distributed to retail customers when it becomes as easy and safe to use them as PayPal. He also noted that financial institutions should not ignore digital assets, given the low level of their correlation with traditional markets and the ability to skyrocket in value. According to Paul, the main value proposition of cryptocurrencies is their protection from inflation and withdrawal by third parties.

Dan Morehead, CEO of Pantera Capital, said that most of the existing tokens will show their inconsistency, while several basic-level protocols will survive and be used to create thousands of decentralized applications. He also supported skeptics who claim that Bitcoin does not have “intrinsic value”, noting that the intrinsic value of Jackson Pollock’s paintings is about $40, which was spent on canvas and paint, which does not prevent them from growing in value.

Bakkt should start testing Bitcoin futures on Monday, July 22.