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Less than 24 hours ago, owners of the New York Stock Exchange – Intercontinental Exchange (ICE) – announced they would partner with Microsoft, BCG, Starbucks and other companies to launch a market and ecosystem to be physically listed Future contracts on Bitcoin and a new company to push Bitcoin and other digital assets towards the traditional financial asset. This new company will be known as Bakkt.
It is with this background that Brian Kelly of the CNBC dubbed this announcement the biggest Bitcoin news of the yes r. He went on to explain the following:
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.
Kelly went on to explain that with the Bakkt announcement, there will be a regulated exchange and an authorized warehouse where the goods are stored. Thus paving the way for the approval of the ETF. He added that:
This will make it much easier to obtain an ETF. It's even better than Bitcoin Futures … [because] are talking about getting you into your 401k. They are talking about taking it into your Schwab, Fidelity or TDAmeritrade account … you will be able to buy a Bitcoin ETF, a Bitcoin mutual fund. Expands the universe.
Brian Kelly will conclude the following:
My conclusion is that the crypto-market completely lacks this. Perhaps the market in general is missing this … this is very, very big news.
From Brian Kelly's commentary on CNBC, this could be a good time to enter the Bitcoin market and stock up on your favorite cryptocurrencies. Mr. Kelly also noted that the announcement came on Friday morning when trade in Asia closed for the day. This in turn meant that the news would not have been received to date, explaining why there was no market reaction to the news.
To note is the possibility of using Bitcoin to pay for coffee at Starbucks. This is an important step towards cryptic adoption.
