ICE, the owner of the New York Stock Exchange and dozens other exchanges, launches Bakkt — a service for institutional investors
Bakkt is aimed to work with big companies, like Microsoft and Starbucks, to help them integrate crypto easier. After launch, it will offer physically-settled bitcoin futures and a custodian service for their clients.
That's the best news of this month. To cut it short: it's the first large-scale regulated exchange for institutional investors. And it's built by ICE, owner of NYSE. That's a kind of trust that pension funds need. And by their talks, it seems that they are going to promote it as much as possible. And even those who didn't like the other exchanges will be convinced enough to try it. It will get an approval by the SEC, there is no doubt in it, and soon the money will start pouring in.
All these price movements that we are seeing now, are irrelevant. The OTC (over the counter) market is a lot bigger than the official one because the current exchanges lack liquidity. Thus the price can be manipulated to force out all retail investors. But this Bakkt exchange could bring investors that don't sell in panic. Instead, they hold their chosen assets for years, like pension funds. And just think what will it do to the price of BTC, given that there is only 15 million of BTC left (not counting the lost ones). That's it.
The asset can be manipulated, and sold to be bought lower if there's not much action on the market. But if there is a high demand, and everything you sell is instantly bought out, then you'd better keep your assets for yourself, or you'll end up rebuying it higher, as the price will be rising fast.
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