The Intercontinental Exchange, the operator behind the New York Stock Exchange, has announced that it is creating a new company called Bakkt that will manage and manage people's cryptocurrency. The platform will be supported by Microsoft's cloud tech and plans to start exchanging and converting bitcoins into US dollars and other fiat currencies (supported by the government) as "bitcoin is today the most liquid digital currency".
Bakkt represents a significant indicator for cryptocurrency. The NYSE and its operator are trusted financial institutions, while the cryptocurrency, although it has seen some successes, has been marked by hoaxes and even by price manipulation relationships. These problems were so rampant that in May the SEC launched a false initial currency to warn people against fraudulent cryptocurrencies.
While Bakkt should give legitimacy to the cryptocurrency as a whole, the price of bitcoin is currently around $ 7,500 writing time, well below the peak of nearly $ 20,000 just seven months ago. This price becomes even more sober in the light of a new report from the Swiss investment bank UBS, according to which the price of bitcoin is expected to touch almost $ 213,000 to replace the US money supply. "Our findings suggest that bitcoin, in its current form, is too unstable and limited to becoming a lucrative means of payment for global transactions or a class of mainstream assets," the report noted.
In particular, companies like Starbucks have signed to start accepting cryptocurrency through the network offered by Bakkt, even through the Starbucks mobile app. At the beginning of the year, Starbucks founder, Howard Schultz, said that blockchain technology had "potential", but at the time the company was not interested in bitcoin. "I do not think bitcoin will become a currency today or in the future," he said during the call of the Starbucks quarterly investor. "I think we are heading for a new era, in which blockchain technology will provide a significant level of digital currency that will have a consumer application."
Bakkt says he is preparing for the launch and more operational details will be announced in the coming weeks. He plans to start offering services in November, but he will need US Commission approval on the trade in future commodities to introduce futures trading. The US CFTC has been known to repress bitcoin scams in the past. However, if everything goes as planned, the system could provide a safer and more stable option for bitcoins along the line.