The news that the owners of the New York Stock Exchange – the Intercontinental Exchange – has worked with Microsoft, BCG, Starbucks and other companies to launch the Bakkt company that will push Bitcoin and other digital assets to the assets financial mainstream, it arrived at an opportune moment in the crypto-verse. The news came at a time when the crypto-markets did not have the momentum to get out of the current downward trend. Even though the news came late on Friday, there's really hope in the crypto-righteous ones.
With Bakkt, there is hope that the CCOE sponsored by the Bitcoin ETF to the SEC will be approved by the end of the year. This is due to the fact that Bakkt will be fully operational by November giving validity to the Bitcoin ETF as explained by Brian Kelly of the CNBC below:
This is great news. I think the market is completely undervalued. So let's talk about why this is the biggest news of the year for Bitcoin.
Leads the way to a Bitcoin ETF. Last week I was here and I said you know what, I do not think the Bitcoin ETF will be approved. And guess what? The ETF Winkelvoss was rejected. Because?
Because there was no regulated exchange in the United States and there was no regulated custody of the United States.
The Bakkt company provides a regulated exchange and a regulated warehouse in the United States where the goods will be stored. During CNBC's comment, Brian Kelly would explain how Starbucks will be brought into the spotlight of the adoption of Bitcoin on a global scale as it is an integral part of the new Bakkt enterprise.
Starbucks will allow you to take your crypt and effectively charge an American dollar card with it. We have no problem with that payment system here in the United States.
This is a step forward and if you look at the history of Starbuck, they are really at the forefront of digital payments, particularly in the sales space. To get them involved is more a signal that is becoming more mainstream.
If you go worldwide, they are talking about Bitcoin as a global currency … which I think can be … People will start using Bitcoin to buy their coffee if their currency does not work well
In conclusion, and as commented by Brian Kelly of CNBC, it is only a matter of time before we start paying for our coffee at Starbucks using Bitcoin. This in turn means that BTC will soon be a mainstream means of exchange for goods and services globally.