BAKKT Falls Short? The Ultimate Foreign Reserve Currency

Source Image + Quotes

The past week has been the realization of what we all know — price action in Bitcoin and crypto has no reflection on actual, fundamental happenings in the industry.

I really love these tidbit articles because they quickly tease out the latest goings on in the crypto industry. I’ve picked out a few of my favorites from this article and commentated on them as well.

This week, Bakkt finally rolled out its physically-deliverable Bitcoin futures contracts — marking a massive step forward in the financialization of this market. Unfortunately, the product didn’t get much traction from the get-go, with its first trading session seeing less than $1 million in volume.

It’s so funny how people took this as bad news… It’s not “holy shit, an exchange has opened that may attract institutional investors in the future”….

Instead, it’s “holy shit, this exchange sucks ass because they didn’t get multi-millions of $ in transactions on the first day”….

People need to re-think their expectations. Just because something like BAKKT becomes available, doesn’t mean institutions will jump at the bit to get on there and make some $$$.

No.

They’re still waiting on the sidelines and seeing how they will ultimately profit from all of this.

According to four Bloomberg sources with “direct knowledge of the matter”, Venezuela’s central bank is purportedly looking to see if it can logistically and legally hold cryptocurrencies. A state-run enterprise, Petroleos de Venezuela SA, is trying to get the central bank to use Bitcoin and Ethereum for certain financial transactions.

We all knew this was coming.. We have been anxiously waiting for countries to realize (particularly, small countries with financial instability) that BTC can be a stablizing force and long-term value proposition and store of value against their currency.

Many are talking about Venezuela and similar countries using BTC for foreign reserves instead of the USD. This would be a huge win for crypto and a solidification of the use case that we all believe in as BTC being a global currency and store of value.