Fundstrat analyst: Bakkt to launch Bitcoin futures this quarter

Fundstrat analyst: Bakkt to launch Bitcoin futures this quarter23.07.2019

Fundstrat analyst: Bakkt to launch Bitcoin futures this quarter

Sam Doctor, managing director of Fundstrat Global Advisors, 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 July 18 Bakkt Digital Asset Summit event. According to the analyst, the launch of the platform stimulates the 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 the launch of Bakkt. The team of sales manager’s increases the momentum in working with brokers, trading floors and liquidity providers”, said Sam Doctor.

He also said that during the event, Commissioner for the Commodity Futures Trading Commission (CFTC) Don Stamp expressed the opinion that cryptocurrencies do not threaten financial stability, and users show an increased interest in a new tool - Bitcoin futures with physical delivery.

Blocktower’s investment director Ari Paul also spoke at the conference, saying that cryptocurrencies have every chance of becoming widespread if they are as easy to use as 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 value. According to Paul, protection from inflation and withdrawal by third parties are the main advantages of cryptocurrencies, because of which they are growing in value.

Pantera Capital CEO Dan Morehead has made a negative statement for those waiting for the "altcoin season." He believes that most existing projects will demonstrate their failure, and only a few protocols will survive and will be in demand for the creation of decentralized applications. He also supported the view that Bitcoin has no “intrinsic value”, adding that the intrinsic value of Jackson Pollock paintings is $ 40 (the cost of canvas and paints), but this does not prevent them from growing in price.

Note that testing of Bitcoin futures on the Bakkt platform should begin today, July 22.

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