Bakkt Platform Could Make Bitcoin ETFs Obsolete

Developed by the ICE exchange and Starbucks and Microsoft, digital asset platform Bakkt, due to launch in November, will make Bitcoin ETFs unnecessary, says Twitter user Parabolic Trav.

Commenting on the news about the cooperation of the above companies to develop the platform, Parabolic Trav wrote that the new Bakkt platform could completely replace the functions of bitcoin-ETF: “If what Bakkt offers is the opportunity to buy BTC directly from a discount broker, along with a portfolio shares, this makes ETFs completely unnecessary. Any mutual fund or hedge fund could easily add a BTC allocation in addition to stocks.”

Cryptocurrency supporters reacted very positively to the news of the development of a new platform. Frequent CNBC guest and fund manager Brian Kelly called the news "the most promising for bitcoin this year," and Fundstrat Global Advisors chief researcher Tom Lee said Starbucks' involvement was also "significant." Kelly supports the idea that the creation of the Bakkt platform will make bitcoin ETFs more attractive to regulators. Likewise, Trav, who is known to be very positive about the future of bitcoin, called the impact of the Bakkt platform “life-changing.”

Meanwhile, the project’s partners were pleased with their plans, and Starbucks is closely monitoring comments in the news. “It is important to clarify that we do not accept digital assets directly. The exchange will convert bitcoin into US dollars, for which customers will buy Frappuccinos,” company representatives said.

According to https://bitcoinist.com