Well today is the day and as of a few hours ago the much anticipated BAKKT is now LIVE!
Bitcoins price is down below $10,000 and so far BAKKT has only seen about $250,000 in trading.
I figured it was going to be a slow start but maybe not THAT slow. I will be curious to see what happens as the normal trading days start to open and we get some movement in the markets.
Most top people are saying that Bakkt will be a slow start but then open the flood gates of money into Bitcoin. This could be the case as people test the waters and figure out how Bakkt works. Once one large investment is made and it all looks good then others most likely will follow up quickly. But that first one needs to happen and I would be curious as to who will make that leap of faith.
Remember the one BIG thing that separates BAKKT from the other systems have have launched is that payouts happen in BTC and not in FIAT. This means at least for a portion of time that the money STAYS in bitcoin instead of instantly being dumped out. However there is nothing stopping someone from exchanging that earned BTC into FIAT shortly after.
The other two systems that launched that are like BAKKT are CBOE and CME and looking back at the price charts both of these ended up bringing major dips to bitcoin. CBOE saw roughly a 10% decline and CME is pretty much what drove bitcoin from 20k all the way down to 3.5k in the matter of a year. Will Bakkt do the same or will it be the system that fuels money into crypto ?
