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Why Bakkt may be the best news for Bitcoin investors yet

The Bitcoin, institutional investment dream is Bakkt.

Bakkt, the new cryptocurrency trading platform launched by the Intercontinental Exchange (ICE), finally opens for business . After nearly a year of delays and false starts, Bakkt has now received approval from the Commodity Futures Trading Commission (CFTC), and the New York State Department of Financial Services, which launched in late September.

And the news is music to the ears of those waiting for the sweet, sweet institutional money to come cha-chinging through the Bitcoin door .

"Baked news is arguably the most bullish event for institutional investors in the history of bitcoin," cryptocurrency analyst and trader Scott Melker said in a post on Twitter . Milker explained that the notion of physically delivered bitcoin futures would require holders to either produce actual bitcoins or take delivery from their respective exchanges.

This, combined with support from the New York Stock Exchange, suggests that the bitcoin market is maturing rapidly. And it is the approval of the pillars of the financial world that is the key.

Bakkt aims to provide institutional traders with both daily and monthly physical futures contracts for bitcoin, which could potentially lead to mainstream acceptance of both Bitcoin and cryptocurrencies. Just like the Gemini-supported Flexa Bakkt is also looking to recruit more commercial retailers such as Starbucks, to participate in its plans. The idea is to give consumers an easy way to purchase both goods and services with digital currencies – a monumental step for the industry.

As to what Bakkt represents for both cryptocurrencies such as Bitcoin and investors, Linda Lacewell, superintendent of NYDFS, perhaps said it best: Bakkt, she wrote "promotes innovation while protecting consumers. "

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Jake Chervinsky, a former securities legislator and general counsel for Compound Finance, repeated the sentiment . The reason Bakkt is important, he said, is because "it provides a way for large, high-risk institutions to buy and deposit bitcoin through an end-to-end regulated system approved by the CFTC and NYDFS, and backed by the sterling reputation of ICE. "

But as Chervinsky noted it is still too early for Bitcoin hodlers to celebrate the news, after all, it is receiving approval from the CFTC and NYDFS, but the first step on a very long regulatory path, and Bakkt probably still has the SEC to contend with.

And despite the many fist-pumping cheers throughout the crypt transition, one very big lingering question among skeptical observers: After so many starts, stops and Bitcoin dream-busting delays launched Baked for real this time?

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