The news that the owners of the New York Stock Exchange – the Intercontinental Exchange – has teamed up with Microsoft, BCG, Starbucks and other firms to launch the Bakkt company that will push Bitcoin and other digital assets towards becoming mainstream financial asset, has come at an opportune time in the crypto-verse. The news came during a time period when the crypto-markets lacked the momentum to get out of the current bear trend. Although the news came late on Friday, there is indeed hope in the crypto-marekts.
With Bakkt, there is hope that the CBOE sponsored Bitcoin ETF pending at the SEC might be approved by the end of the year. This is due to the fact that Bakkt will be fully operational by November giving validity to Bitcoin ETF as explained by CNBC’s Brian Kelly below:
This is huge news. I think the market is completely underappreciated. So let us talk about why this is the biggest news of the year for Bitcoin.
It paves the way for a Bitcoin ETF. Last week I stood here and said you know what, I don’t think the Bitcoin ETF will get approved. And guess what? The Winkelvoss ETF got rejected. Why?
Because there was not a US regulated exchange and there wasn’t US regulated custody.
The Bakkt company provides a regulated exchange and a US regulated licensed warehouse where commodities will be stored. During the CNBC commentary, Brian Kelly would go on to explain how Starbucks will be thrust into the limelight of Bitcoin adoption on a global scale since it is part and parcel of the new Bakkt venture.
Starbucks are going to allow you to take your crypto and effectively load up a US Dollar card with it. We do not have a problem with that payment system here in the US.
This is more about a move forward and if you look at Starbuck’s history, they are really at the forefront of digital payments particularly in the retail space. To have them involved is more of a signal that this is becoming more of a mainstream.
If you go globally, they are talking about Bitcoin as a global currency…which I believe it could be…People are going to start using Bitcoin to buy their coffee if their currency does not work well.
In conclusion, and as commented by CNBC’s Brian Kelly, it is only a matter of time before we start paying for our coffee at Starbucks using Bitcoin. This will in turn mean that BTC is soon going to be a mainstream medium of exchange for goods and services on a global level.