Bitcoin Pump Incoming? Bakkt Launching BTC Futures
Finding reasons to be bullish on Bitcoin is never too difficult, especially not in 2019. With the halving, a Bitcoin ETF decision from the SEC, and the Lightning Network all on the horizon, there are plenty of things to look forward to.
However, none is as immediately relevant as Bakkt’s Bitcoin futures product. On September 23, Bakkt will unveil its BTC futures to the world. As we get closer, Bakkt is ramping up its communications about the product by giving additional specifics.
Amongst those details is the revelation that each of its BTC futures contracts will require a $3,900 deposit. Whether that deposit will be payable in BTC or not is yet to be revealed.
Will the latest news and subsequent run-up to the Bakkt futures launch move the Bitcoin market? History says yes.
Bitcoin Has a History of Moving With Big News
There are plenty of examples from Bitcoin’s history to illustrate the way it moves in response to large news developments.
Some of those events include:
Each of these events was accompanied by price differentials (positive) that resulted in net gains for Bitcoin investors.
Bakkt Is Bullish for Bitcoin Supply
Bakkt isn’t just a futures product that allows investors to speculate on the price of Bitcoin. It is also a custody solution for institutional investors seeking a warehouse to rest their weary BTC.
Warehousing is a critical bit of infrastructure for the BTC ecosystem as a whole because, without it, large institutions have no accountable way to store and insure their holdings. Without that, institutions are basically uninterested in entering the BTC ecosystem.