Bakkt Launch Planned on the 23rd of September

Bakkt launch

It has been a long wait but the Bakkt launch is finally coming and the platform will open its doors for future trading. On the 23rd September traders will be able to start trading Bitcoin-backed futures which many expect will have a positive impact on the Bitcoin price.

The Bakkt launch has been long awaited

On the 16th of August 2019 Kelly Loeffler, CEO of Bakkt, announced the new Bakkt launch date of the platform in a Medium blog post. The platform will initially offer daily and monthly traded future contracts for Bitcoin which will be handled through the Intercontinental Exchange Futures U.S. und Intercontinental Exchange Clear U.S. service.

The new launch date on the 23rd also indicates that Bakkt was finally able to resolve all the concerns the CFTC (U.S. Commodity Futures Trading Commission) had regarding Bitcoin futures. Since its initial announcement in 2018 Bakkt has been delayed several times due to security and manipulation concerns brought up by the CFTC. Other projects like LedgerX are even now still being delayed due to this.

While most traders looking forward to the Bakkt launch on the 23rd and its impact on the market, Bakkt is already testing its futures trading platform. Bakkt’s unique selling point for its BTC Future trading is the platforms intention to offer regulated and safe futures trading in the cryptocurrency sector. The company created the Bakkt Warehouse specifically to do this and back every trade 100% with physical Bitcoin deposits.

The 1 billion USD BTC transfer

According to some rumours on Reddit a recent 1 billion USD (94,504 BTC) Bitcoin transaction might be linked to the Bakkt Warehouse. The address holding these 94,504 BTC is not currently linked to any exchange or institution and is the single largest non-exchange holder of BTC up to date. It is reasonable to assume that Bakkt accumulated a large amount of BTC to be able to offer enough 100% BTC backed futures for the initial launch of the platform and the time of the transfer shortly before the Bakkt launch lends even more credibility to the rumour that the BTC address in question is the Bakkt Warehouse wallet.

Will the price of BTC moon once the Bakkt launch happens?

Bakkt has been awaited and hyped for a long time. Most BTC holders in the community have expected Bakkt to have the launch of the platform to have a positive impact on the BTC price. Quite a few in the community even expect the price to break through previous highs and that we will reach prices beyond the 50k or even 100k USD levels. While this is certainly a possible scenario, especially due to the long-time traders have been anticipating the Bakkt launch.

It should be noted that similar expectations were voiced with the launch of the CBOE Bitcoin futures and that we did not see the BTC price rise to the levels that many in the community hoped for. To this day the expiry of CBOE Bitcoin futures usually marks a quite sharp drop for BTC in most cases and that even though the CBOE BTC futures are not backed by physical Bitcoin.

So, in the end it is not easy to predict what will happen with the launch of Bakkt and the first batch of BTC backed futures. The community expects great things and we all hope that this will come true in the end.  Until then all we can do is accumulate more BTC and wait!

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