NYSE Owner’s BAKKT Platform ‘Makes Bitcoin ETF Redundant’: Commentator

Intercontinental Exchange (ICE) digital asset platform Bakkt will “make a Bitcoin ETF completely redundant” when it launches in November, a distinguished social media commentator has forecast.

‘Completely Redundant’

Commenting on the information the New York Stock Exchange proprietor was collaborating with Microsoft, Starbucks and others on a regulated “ecosystem” for digital belongings, Twitter consumer often known as Parabolic Trav stated that the platform – often known as Bakkt – would fulfill the features initially supposed for an ETF.

“If what I’m understanding about BAKKT is that I can buy BTC direct on my discount brokerage, alongside my stock portfolio, it makes the ETF completely redundant,” he wrote August 5.

“…Any mutual/hedge fund could easily add a BTC allocation alongside equities.”

Starbucks Pours Cold Water On Hype

Cryptocurrency proponents all through the business reacted extremely positively to Bakkt when information of its creation broke late final week.

CNBC presenter and fund supervisor Brian Kelly called the event the “biggest news of the year for Bitcoin,” whereas Fundstrat Global Advisors head of analysis Tom Lee singled out Starbucks’ involvement as a “very big deal.”

Kelly’s feedback had been based mostly on the concept that Bakkt would make a Bitcoin ETF extra interesting to regulators.

Likewise, Trav, who is understood for being infamously bullish on Bitcoin’s future, referred to as Bakkt’s influence “absolutely earth-shattering.”

In the meantime, the mission’s companions have remained cool about their plans, with Starbucks putting a curiously downbeat observe in subsequent public feedback.

“It is important to clarify that we are not accepting digital assets at Starbucks. Rather the exchange will convert digital assets like Bitcoin into US dollars, which can be used at Starbucks,” a spokesperson wrote in emailed feedback to Vice.

At the present time, we’re saying the launch of buying and selling and conversion of Bitcoin. However, we are going to proceed to speak with prospects and regulators because the house evolves.

The firm additionally emphasised that prospects, opposite to varied mainstream information headlines, “will not be able to pay for Frappuccinos with Bitcoin.”

What do you concentrate on Bakkt making a Bitcoin ETF ‘redundant’? Let us know within the feedback under!

Images courtesy of Shutterstock, Twitter

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