Is Bakkt really an overrated event?

[Crypto-DesignService]

This month, Bakkt implementation will push through or maybe not as what they always do(postpone it) and I see lot of people talked about how it affects the price. Question is will it really make the price soar/higher or this is just an overrated assumption?

[pooya87]

you can't really call it over or under -rated thing unless something happens involving its news. so far all we had was talk where some people talk about how it will affect bitcoin adoption and the price shooting up and some others disagree. at this point it is just a new like any other.

as for the price, i think  we might see some upward movement because of Bakkt but mainly because of its timing as now the market is ready for the rise.

[Crypto-DesignService]

as for the price, i think  we might see some upward movement because of Bakkt but mainly because of its timing as now the market is ready for the rise.

You mean price is on it's lowest point and Bakkt will be the trigger to make the price move up again but not mainly because of 'Bakkt adoptation to bitcoin' but because of the timing it made when the bitcoin is in its dip's price?

[fudster]

I'm hopeful that it will give this market a boost  and the new CBOE ETF proposal will be approved. Of course this is just me, you really might not listen to someone with the username like mine but yes I'm hopeful for this Bakkt. It can have a great role in the future and you can imagine what it could for adoption too.

[davis196]

This month, Bakkt implementation will push through or maybe not as what they always do(postpone it) and I see lot of people talked about how it affects the price. Question is will it really make the price soar/higher or this is just an overrated assumption?

Yes,it is overrated,and it won't have any positive long term impact over bitcoin.It might create some short term hype but it won't last long, before bitcoin goes to the usual bear trend.
I don't really believe that the Bakkt project will be launched soon.They will just postpone it again and again,to create some scarcity,hype,high expectations.

[mirakal]

I guess let's wait until they launch, it's not wise to expect anymore after all the postponement.

First announcement was they will launch December last year and then postponed on January this year but until now it does not happen.
I'm tired of following their updates and I see it has a little to no effect in the market as we are still bearish as of now.

[Crypto-DesignService]

you really might not listen to someone with the username like mine

I honestly did not notice your name until you pointed it out lol.

They will just postpone it again and again,to create some scarcity,hype,high expectations.

First announcement was they will launch December last year and then postponed on January this year but until now it does not happen.
I'm tired of following their updates and I see it has a little to no effect in the market as we are still bearish as of now.

They are losing integrity doing this type of technique/strategy in case it was.

[exstasie]

This month, Bakkt implementation will push through or maybe not as what they always do(postpone it) and I see lot of people talked about how it affects the price.

It won't happen this month. At the earliest, it'll happen in March. CFTC rules require a month-long public comment period before they make a decision. That period hasn't even started yet.

Question is will it really make the price soar/higher or this is just an overrated assumption?

It might be fuel for a bull trap, especially if the market is heavily short when the news drops. But anyone who thinks it will straight up end the bear market is crazy.

[Jating]

This month, Bakkt implementation will push through or maybe not as what they always do(postpone it) and I see lot of people talked about how it affects the price. Question is will it really make the price soar/higher or this is just an overrated assumption?

As this point its still speculation as how it will really affect the market. And since we are in the bearish trend, a lot of people are waiting something to stir the market, sort of catalyst so that the market could at least make a recovery and be in a bullish state.

So I woudn't say its a overrated assumption, unless we really see the net positive effects. Imagine if investors will pour their money again on the market, it will make a lot of difference and everyone will be happy short term. So let's see how everything pans out.

[Juggy777]

This month, Bakkt implementation will push through or maybe not as what they always do(postpone it) and I see lot of people talked about how it affects the price. Question is will it really make the price soar/higher or this is just an overrated assumption?

A similar question was asked when Bitcoins Futures were coming in December 2017, some were in favour of it, some were not but when it came it took the market by storm. In my personal opinion I’m expecting it to lift the market sentiments up, and fuel bitcoins prices upwards but then again nothing is guaranteed with bitcoins. Also it’s not launching anytime soon, and the impact can only been seen post the launch.

[Lucius]

I'm hopeful that it will give this market a boost  and the new CBOE ETF proposal will be approved.

First they must submit a new request, and it will probably take several months for them to do that again, so it is not realistic to expect SEC approval this year for them, since from submitting a request until the final decision is up to 240 days/8 months.


Regarding Bakkt, obviously the announcement itself did not have any effect on crypto market, people simply do not believe that it can bring some positive changes. US shutdown certainly did not contribute to Bakkt plans, and it stopped the whole operation, and this may be partly blame of people behind the project. They just had bad timing for the project start, not counting on the chance for shutdown, and they should definitely consider that.

I agree with others that we will see the actual effect of Bakkt only when it is launched, all before that are just speculation.

[HODL2090]

Are investors and hodlers ready to use bitcoin as a means of making daily payments, most are only interested in it for the proposed impact on the price ans not for the actual utility.
I predict it would have an effect on tbe price, and if it succeeds in gaining traction it could be a long-term impact.

[Pursuer]

Regarding Bakkt, obviously the announcement itself did not have any effect on crypto market, people simply do not believe that it can bring some positive changes.

to be fair when Bakkt was announced the market was in pretty bad shape already. we have been having ETFs rejected left and right by SEC and people were hearing how they are going to approve it and how price is going to rise then BAM they rejected another one
so nobody believed in Bakkt either. additionally there was the downtrend which was still ongoing and then the BCH attack which actually happened at the time when Bakkt was supposed to launch and that pulled the price down drastically. no other news could have done any better.

[deisik]

This month, Bakkt implementation will push through or maybe not as what they always do(postpone it) and I see lot of people talked about how it affects the price. Question is will it really make the price soar/higher or this is just an overrated assumption?

There are two things to consider when answering this question

First, people will get enthusiastic if Bakkt finally gets approved by the regulating body (the CFTC if I'm not mistaken). This alone will likely make prices surge (how much I can't say) due to hype and noise. Second, and this is more important here, is how well the platform will be accepted by the industry big guns (i.e. Wall Street types). As it deals with real bitcoins, its impact on Bitcoin will be direct through the supply and demand market mechanism. Obviously, if there is sufficient demand building up, the prices will rise and there can be no two opinions about it

[raven7886]

I think it will be something that takes time. Of course it is a great thing but it is not something that will affect bitcoin directly and right away. It is just another way people hear about bitcoin and will invest or trade with it and so forth and it is a great long term investment to the benefit of bitcoin. Do not assume price will be like $20k in one month thanks to it, it won't but the underlying effort to get bitcoin to mainstream world will be one step further thanks to them.

If only the SEC accepted CBOE and also Nasdaq starts that bitcoin buying and selling option, they would all really help the bitcoin world to become much more professional and mainstream then the niche it is currently (even though its not as niche as it used to be). I guess we will have to wait and see.

[olumyd]

It really is.

[gentlemand]

I've seen very little understanding of what it entails beyond - 'big company, big buckaroos, hubba hubba.'

Since there's not been anything quite like it before it's logical to assume we've no idea whether it'll turn out to be underrated or overrated or an absolute nothing. I'll wait to be pleasantly surprised without holding my breath.

Everything's totally dead. Stuff like this may only come into its own when there's another stampede.

[exstasie]

I've seen very little understanding of what it entails beyond - 'big company, big buckaroos, hubba hubba.'

Since there's not been anything quite like it before it's logical to assume we've no idea whether it'll turn out to be underrated or overrated or an absolute nothing. I'll wait to be pleasantly surprised without holding my breath.

Everything's totally dead. Stuff like this may only come into its own when there's another stampede.

The people who say Bakkt is going to be huge and bullish don't have any evidence for it. They just think, "this time it's gonna be different. Yet another custody service with a retarded name (Hey Bitgo, Gemini, Coinbase, and LedgerX!) that can physically deliver BTC (as if the OTC market never existed)......this is what Wall Street has been waiting 10 years for. Institutions are going to buy all our bags now!"

Also, very few people are talking about how physically settled derivatives can be used to suppress the price by diluting available supply. Be careful what you wish for guys! https://finance.yahoo.com/news/nyse-owner-bitcoin-market-may-205553702.html

[BitHodler]

I agree with others that we will see the actual effect of Bakkt only when it is launched, all before that are just speculation.

That's the safest possible side to be on.

Overall, there shouldn't be any reaction at all if we discard the possibility of having a whale or two cause a short lasting green candle to trap people thinking that we're up for a massive increase.

More importantly, we first need to see them go live first, because without regulatory approval there is no Bakkt. People assume it will be approved eventually, but I'm not that confident in a positive outcome here.

Another delay, one that's not based on the government shutdown, will be the one that indicates that there is little to no incentive for the CFTC to approve it, regardless of their recent funding round.

[Wilhelm]

For many years there have been ICOs, ETFs projected in the future. Most, if not none have been succesful.
Bitcoin is still being shoved away from joining the regular economic system. We are used to that happening because we all know Bitcoin is different and doesn’t always fit into our rule and regulation based world.

One day something like BAKKT will take off and that would be a major milestone. Then others will easily follow.

So no it is not overrated if it comes through, but it has a low probability of being approved.