BAKKT: Road to $100,000+ starts in november?

[cellard]

This is big, very big, similar to an ETF approved. You will be able to buy Bitcoin easily, all the computer illiterate boomers that just can't get their heads around downloading a wallet and securing the coins, will be able to get Bitcoin exposure. And they seem to be serious: No shitcoins, only Bitcoin.

While the fact that Bitcoin is owning your private keys and nothing else, I don't mind if computer illiterates with a ton of money to spend use these other ways to get exposure to Bitcoin on their portfolios since we will benefit from it price wise.

I believe we will finally start seeing solid upwards traction after the summer or a bit earlier.

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[AzatFinrazor]

It is another big step in bitcoin adoption. Many are saying that this will make bitcoin ETF redundant.
If you are out of loop, read this article to get you up to date:
https://finrazor.com/news/bombshell-message-the-first-large-scale-regulated-exchange-for-institutional-investors

Hopefully, things will turn out better than they were after bitcoin futures were intoduced.

[Idrisu]

It is another big step in bitcoin adoption. Many are saying that this will make bitcoin ETF redundant.
If you are out of loop, read this article to get you up to date:
https://finrazor.com/news/bombshell-message-the-first-large-scale-regulated-exchange-for-institutional-investors

Hopefully, things will turn out better than they were after bitcoin futures were intoduced.

I also make this pray "that things turn out positive than there were after introduction of bitcoin future" many traders and investors has really lose money because of bitcoin future and some are still losing money because of the ways market is now.

[LFC_Bitcoin]

Let’s fucking hope so, I’m not going to get excited though. I’m fed up of pinning my hopes on news articles which end up amounting to nothing. If we see $100,000 valued bitcoin’s though I will be a rich man as will many of us here.

[figmentofmyass]

This is big, very big, similar to an ETF approved. You will be able to buy Bitcoin easily, all the computer illiterate boomers that just can't get their heads around downloading a wallet and securing the coins, will be able to get Bitcoin exposure. And they seem to be serious: No shitcoins, only Bitcoin.

meh, this sounds like more empty hype (just like the ETFs). "if you build it, they will come!"

you assume there is all this latent demand for bitcoin exposure that is waiting on the sidelines---why? it's not how the human mind (and therefore markets) work. people and institutions who want bitcoin exposure because of its astronomical gains don't say to themselves, "no problem, i'll just wait 2 years or 6 years for the right derivative security product to be approved by the SEC!" lol. and there isn't much volume in the regulated swaps and futures markets. what makes this so different?

also, it's not all good news. like you said, all this latent demand you think exists is from people who don't understand the point of BTC anyway. we like to think people understand the difference between "real assets" and "paper assets" but most don't. and if there is so much latent demand for paper bitcoins, as you suggest, that opens big opportunities for spot market manipulation, just like the gold markets: https://bitcointalk.org/index.php?topic=4826941.msg43553439#msg43553439

[1Referee]

Nope. We'll remain below $10,000 for the rest of the year. We are dealing with plenty of bagholders and floating coins that need to be bought up. In other words, there is too much selling pressure, and more selling pressure will pop up once bagholders are tempted to sell.

On paper everything around BAKKT sounds great, but we can't just assume that it will even remotely dent the market without seeing them put their words to work.

We have been bombarded with good news that theoretically could do this or that to Bitcoin's price in a positive manner, but everything the mainstream media hypes up is doomed to fail. Interesting counter point is that the mainstream media isn't at all convinced of an ETF approval, which gives me a little bit more believe in a positive outcome.

[Harlot]

100,000$ is not a possible short term target but it will definitely give a lot of hype in tge market when this venture starts operating. The hype it will create will definitely be bigger than what the ETF news has brought to the market. I do expect that this will make BTC to finally cross 10,000$. Also this will depend on how the news will be taken by traders as this might be nothing for them maybe the news will gain some traction ones November is near and news media will provide more coverage about it.

[Biodom]

Bakkt is a trojan horse for so many reasons:
1. paper over "real" btc
2. control over which accounts/funds transact and which don't
3. introducing middleman (trusted party) that is expressly rejected by the bitcoin protocol

etc, etc

I don't give a s-t about any perceived liquidity "positives".
Negatives make it a stillbirth.

[TravelMug]

Yeah I read about that news, but to be honest, I don't that it has enough power to push the price to even get to $10K. I don't want to sound negative, but I personally believed that the bear season will continue up to the end of the year and there will be no new all-time-highs at the end of the year. I would be happy to see bitcoin at least achieved 5 digits and I think that should be the goal for now. This news doesn't have any weight to for us to go North as investors are very reluctant to pour their cash, not in this bearish trend.

[cellard]

Nope. We'll remain below $10,000 for the rest of the year. We are dealing with plenty of bagholders and floating coins that need to be bought up. In other words, there is too much selling pressure, and more selling pressure will pop up once bagholders are tempted to sell.

On paper everything around BAKKT sounds great, but we can't just assume that it will even remotely dent the market without seeing them put their words to work.

We have been bombarded with good news that theoretically could do this or that to Bitcoin's price in a positive manner, but everything the mainstream media hypes up is doomed to fail. Interesting counter point is that the mainstream media isn't at all convinced of an ETF approval, which gives me a little bit more believe in a positive outcome.

Not all bagholders are stupid enough to sell. A lot of people that got in at the peak of MtGox got in for the long term, they understood they were potentially buying the peak, but at the same time, when Bitcoin goes parabolic sky is the limit and nobody knows if you are buying at a good time or not. Sometimes it's good to take a chance because maybe it crashes above your entry point.

So all these people that bought at the $1300 peak in 2013 and held for a couple of years are obviously very well off these days and happy to keep holding.

I certainly believe we have a ton of short term speculators that still need to sell because they have no idea about what Bitcoin is and aren't going to hold long term but I don't believe in this notion of having a massive amount of bagholders vs long term holders. Anyone that bought at the 2013 peak is now going to continue holding because they know they are safe and their entry points will not be challenged. Eventually buyers in 2017 peak will be one of these too. On a long enough timeline holders will defeat sellers as it becomes obvious the only asset you can claim to own is Bitcoin and everything else is subject to risk of counterfeit.

[1Referee]

A lot of people that got in at the peak of MtGox got in for the long term, they understood they were potentially buying the peak, but at the same time, when Bitcoin goes parabolic sky is the limit and nobody knows if you are buying at a good time or not.

I don't think so. Everyone with common sense will simply pass on peak levels and wait for the price to settle at way lower levels. Bitcoin has always proven to fall down significantly after every bull run. If people pull the trigger and buy at peak levels, it's mostly done to book very short term profits because they buy into the momentum, and not Bitcoin's long term potential. That directly applies to all the peak buyers of last year.

People are strong holders as long as the price keeps going up, but they get REKT during a longer term downtrend. If the price jumps up they will likely liquidate under or close to their break-even point. Some might end up holding through longer, but then they will sell later on anyway. In other words, the short term market has to deal with various levels of selling pressure depending on how much it goes up.

[gentlemand]

It sounds like Bakkt are intending to build their own second layer. I'd like to hear more details about that before anything else. That could encompass much oddness and sin.

At a guess you'll be depositing your crypto with them and getting some token to play with in return that's fully redeemable, for now, it's not as if Bitcoin will fork to accommodate whatever plan they have.

[koincik]

This ETF thing is really big. But the process is still unclear. Approval and rejection is not very important right now. Bitcoin has some trust issues. ETF can find the solution to this.

[Btchunter3333]

Only in november this road starting? Why so later and not is September? I agree with title, the price of bitcoin can grow to 100.000$ after some time.

[BitHodler]

I like how all these developments spark serious discussion on how Bitcoin shouldn't be a tool that wall street will jump into and maybe even dominate in the far future.

The interesting part is that people want to see the price go up, rather today than tomorrow, but they don't want large institutions to fuel the 'moon rocket', which is actually quite contradicting.

Institutions are the last part of adoption and the only parties being capable of injecting potentially hundreds of billions in this industry, which retailers aren't capable of no matter how hard they try.

Eventually even $100,000 will prove to be a great buy.

[adaseb]

If this was truly great news we would be over $10K+ by now.

However we already have futures with both very low volumes that nobody cares about.

Maybe that they are physically settled might make a difference but I think the ETF approval would be a more bullish move.

[gentlemand]

If this was truly great news we would be over $10K+ by now.

However we already have futures with both very low volumes that nobody cares about.

Maybe that they are physically settled might make a difference but I think the ETF approval would be a more bullish move.

On the downside of a bubble no news will turn things around. And this is a prime example of 'good' news - kinda cool sounding, nothing definite detail wise, may happen in the future.

Why would you pump on that?

[Flor1982]

Sounds beautiful to the ears but i think Bitcoin $100,000 is  really impossible to happen because the more the Bitcoin will become too expensive to purchase then the more of the small time investors will be force to shift to Altcoins because it is much cheaper to start for an investments. Maybe $20k to $30k is much possible and i hope that it will be before this year would end.

[pooya87]

yeah i don't like this "paper over real bitcoin" either and i don't think it is good at all. if this was a real bitcoin exchange like Coinbase, etc. then you could bet your ass that this is the road to $100k because that would have been a good fuel for a big adoption surge. but i am not so sure about this one.

A lot of people that got in at the peak of MtGox got in for the long term, they understood they were potentially buying the peak, but at the same time, when Bitcoin goes parabolic sky is the limit and nobody knows if you are buying at a good time or not.

I don't think so. Everyone with common sense will simply pass on peak levels and wait for the price to settle at way lower levels. Bitcoin has always proven to fall down significantly after every bull run. If people pull the trigger and buy at peak levels, it's mostly done to book very short term profits because they buy into the momentum, and not Bitcoin's long term potential. That directly applies to all the peak buyers of last year.

this assumes that everyone who buys bitcoin is or wants to be a trader but that is not true. many are just investing their money in bitcoin. in other words they are dumping their fiat for BTC. for example imagine an employee who sets aside 5% of his monthly paycheck to invest in bitcoin. he can't hang around in the market watching when the rise ends and when it reaches the bottom to buy while holding those 5%s each month until the bottom is reached! he buys each month. and in a couple of years when bitcoin is a lot higher like $100k he already has a considerable amount of bitcoin stored.

[davis196]

This is 100% hype and nothing more.Last year  Segwit and Lightning Network  were promoted as the big "solution" that bring bitcoin to the masses and make the btc price 100K USD.They are in the past.Now this BAKKT company/project  is supposed to make the newbies believe that the price will skyrocket,so they could start buying lots of btc.By the way,BAKKT is a horrible name/brand.Is this name some kind of abbreviation?