Bitcoin Forum

This is huge.  Li Ka-Shing has put money into Bakkt.

I know the recent dump is further testing people's patience, but at least us BTC hodlers are in good company.

https://cryptomenow.com/chinese-billionaire-li-ka-shing-backs-an-upcoming-crypto-exchange/ (https://cryptomenow.com/chinese-billionaire-li-ka-shing-backs-an-upcoming-crypto-exchange/)

i doubt its a good thing if a billionaire is backing something, i dont think it will matter much anymore

I wonder why you said that. Isn't more money will a project to move much faster? I thought this was a good thing.

More money != project moves faster. Some ICOs that raised more than $30 millions dollars are yet to have a live product. Sure, money is a good thing to have, but if there is no serious development behind that, then it doesn't mean anything. It's better to have $10 million with continuous development than $50 million where developer focus more on marketing.

are you seriously comparing ICOs with Bakkt?!!!!
ICOs are scam by nature, and most importantly they were never planning to have any product in first place! if you chose to believe their lies, it was your own fault.
Bakkt is a legitimate thing and unlike ICOs it is not created to raise money and run away with it. it is created to offer a service which I believe is very needed in this space.

It is a good thing as long as he holds his position. We need rich holders as we need poor ones. The only danger is he may create an enormous sell pressure if he decides to leave crypto. As long as he believes in crypto there is nothing to worry about.

I believe there will be many other billionaires who is going to back bakkt. He is just the first one. When the others join the party, everything will happen so fast.

Testing peoples patience you say? I don't think bakkt will have huge impact on market price ,even if ETF gets approved it will only bring huge spike in price for short period of time not bullrun

They already raised a total of $182.5 million and has partnered with a lot of companies so there's a possibility that even if he dumps we still have something so there's nothing to worry about.

I do hope that many rich people if they hadn't done so, will going to back Bakkt as it is geared towards short and long term goal so let's see how it goes.

i think you guys are confusing what the news means.
it is not saying someone (the billionaire) bought bitcoin or any cryptocurrency. it is saying that the person invested "money" in a "company" that is going to offer cryptocurrency related services (Bakkt which will have exchange options). so he didn't buy anything to want to sell it and create any kind of sell pressure on the market.

He can still create sell pressure if he decides to dump his position on bakkt.

Just like bitmain going bakrupt would affect bitcoin and other cryptos, he dumping his position would affect us greatly as well. These stuff are connected.

Money leaving crypto companies > sell pressure on crypto

Sometimes it won't be a direct hit as selling bitcoin right away on an exchange but it would still affect us, maybe slowly but it will.

this is great news for the bitcoin community, at least it goes to show even though bitcoin is going through a tough phase currently, it is still making waves and penetrating places

what you are talking about is "psychological" sell pressure and is more about manipulation of the market not a direct sell pressure as in when a whale actually sells real coins on the market. and they are completely different things.
the "psychological" sell pressure can only be effective if the underlying reason is a big one. for example Bitmain that you mentioned is a big deal because it is the biggest ASIC provider, it owns the biggest mining pools which people also associate with having the biggest hashrate (which is partly wrong),... in short they are completely involved with bitcoin so their demise is going to affect bitcoin a lot. but Bakkt is not even yet started! it doesn't exist and it has no affiliated with bitcoin whatsoever YET. not to mention that this dude is not the only investor, Bakkt already has big names investing in it so that this one dude is lost among them. he is not even the biggest one... :D

Its good to know that events like this happens despite of loss of investors due to the bearish market. I hope many institution like this see the beauty of cryprocurrency and use it as it id and not just an investment scheme. This news will also help investors to gain their trust about cryprocurrency.

Billionaires don’t tend to be stupid with their money & make many bad investments to be honest man.

Li Ka-Shing must have really research into the benefits of investing such a huge amount of money into bakkt I am sure he does that so as to recoup and profits from his investment in a long run while his investment is not to buy crytopcurrencies but to support the platform in other areas.

Does this mean that the STO model will soon become popular and replace the current ICO? If Bakkt is a legitimate exchange, the tokens listed on Bakkt should also comply with all legal requirements, which requires a token of STO.

I am sure this is really a good sign, such people don't invest money without 100 % assurance, that they can make a profit on it.

They always say, follow the smart money and Li Ka-Shing was the 23rd richest person in the world in 2018.  :P  Li Ka-shing is revered as one of the most influential businessmen in Asia and a lot of people are looking at him as an example of success and entrepreneurship.

The Asian markets are also level headed and open-minded towards Crypto currencies, so I would rather prefer a Crypto currency role-model like Li Ka-Shing, than someone like Warren Buffet.  :P

According to Forbes magazine, Li Ka-Shing is the 23rd richest man in the world today. For the past ten years, Li Ka-Shing has invested in several technology startups in various industries. In particular, this is not the first time he has invested in a company that deals with blockchain and cryptocurrency. Back in 2013, he invested in bitcoin payment processing software called BitPay. In 2016, he invested thousands of dollars in blockchain technology service provider, Blockstream.

Mr Li Ka Shing is a famous business man in Hongkong who has great foresight and grow his wealth all by himself. It is great to hear that he is investing in crypto related business.

This is a positive news and a proof that the cryptocurrency industry is relevant and  alive economically and  globally, considering the fact that  Li-ka Shing is one of Asia business man, also he has been investing into crypto since 2013 an assurance that the platform is sure with great potential.

I think the news is that the man invested money on the company. Doesn't say he actually bought and hold, but we cannot remove the possibility that he got some on his hands.

The billionaire and some big time establishment has started to take huge interest in cryptocurrency despite the market being very bad this would at the long run be like a boost for cryptocurrency.

Its a great news if he is not coming to board to manipulate the market like others .. As a billionaire coming on board people are going to put trust in him so if he going not going to cause panic like other millionaires are already doing to  manipulate the market Then its  a great  News   

Some people inherently distrust rich people because they feel like all these guys do is to profit off the regular people. Not saying the person you quoted is one of them, of course, but it definitely seems like he doesn't trust rich people.

It is a good thing, as more exchanges result in a stronger ecosystem where customers choose the best service for their business.

Right. Li Ka-Shing is a seasoned businessman even when bitcoin is experiencing a decline many investment companies take this opportunity to buy bitcoin. It seems that this is what Li Ka-Shing has done to print more money, especially since the Bakkt platform has many credible investment institutions, this will make new traders enter and trade bitcoin. 

  I think this is good news for the entire cryptocurrency market. Investing in Bakkt will speed up its launch and the entry of new institutional funds into the market.

well crypto damaged something i would describe as trustbased humanist nimbus of the central banks,

with bitcoin and crypto in existance, these "billionaires" just look like old fashioned communist to everyone.

regards

why are you comparing an exchange with an ico?

If they achieved to get attention of institutional funds or billioners, it would be very good for all of us in long term and crypto-market is really need to fresh investors. Even though people who have an huge amount money directly invest in crypto-market, they are investing a company which wants to have a good place in crypto-market. Everybody is sure about that it will going to be a manipulator but this kind of companies have enough fund to make crypto-prices more stable.

Indeed that is my first thought about  someone investing into something.

good news for the bitcoin community