Cryptocurrencies got another big shot in the arm. In fact, the Intercontinental Exchange (ICE) just announced its Bakkt platform’s first offering will be physical Bitcoin futures.
According to a Bakkt tweet
“Our first contracts will be physically delivered Bitcoin futures contracts versus fiat currencies, including USD, GBP and EUR. For example, buying one USD/BTC futures contract will result in daily delivery of one Bitcoin into the customer’s account,” they said.
The announcement follows news that the platform will not offer margin trading with Bitcoin.
As the Bakkt project matures, there’s hope to create a scalable on-ramp for institutional, merchant, and consumer participation. “This is huge news… This will have a very profound impact over the next five or ten years for the markets and in my mind, that’s what people should be focused on,” notes the Pantera CEO.
This isn’t the only good news to be aware of
G20 lawmakers will tell you cryptocurrencies do not threaten the global financial system.
In fact, they don’t believe there will be any global pushback against cryptocurrency innovation.
Even the Federal Reserve Bank of St. Louis validated Bitcoin’s legitimacy as a currency. They argue that “beyond their attractiveness for illegal transactions, private payments serve important, legitimate functions in any monetary system, namely, “protection from malfeasance or negligence by counter parties or by the payments system provider itself.”
And, despite delays by the U.S. SEC, a Bitcoin ETF is on its way.
Cryptocurrency bulls have US SEC Commissioner Hester Peirce on their side who still says there’s no reason not to allow an ETF.
In addition, Banks such as Goldman Sachs and Citigroup are working to offer cryptocurrency products. The NASDAQ is about to hand institutional investors analytical tools for trading hundreds of crypto assets.
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