The following post by JohnnyLingoMusic is being replicated because some comments within the post(but not the post itself) have been silently removed.
The original post can be found(in censored form) at this link:
np.reddit.com/r/ BitcoinMarkets/comments/crlr7d
The original post's content was as follows:
Bakkt opinion piece. In 3-6 months you will see in hindsight. you will say holy shit that was bullish. Short term who knows what happens to price, id argue the best strategy right now would be an aggressive DCA just in case it does have one more big leg down. Because Bakkt is physically Backed, and they are a multi-billion dollar dealing enterprise, i imagine their trading is going to have a strong effect on the market as it directly affects the supply (unlike CME). Ironically with CME, it wasn't popular to use until we bottomed and then all of a sudden some whale buys 80k contracts! Im sure its just a strange coincidence and convenience that all of a sudden futures were made available at 2017 peak, get barely used, and then a huge order comes in at the very bottom.
With Bakkt, thing is Bitcoin is less than a 300 billion MC. That's really small compared to the massive amount of money / connections the NYSE has. As well, soon you will have ErisX which is the Nasdaq version. Bottom line is these legacy wall street titan companies want to have a better control of the Supply, and thus will weed out any bullshit exchanges that can manipulate. NYSE wants to manipulate LOL, but i bet there is also some truth to it and they sincerely see the need/demand/business opportunity to create a trusted platform for a burgeoning new asset class. This is what ICE did for the energy markets, and if history is any guide, Bitcoin will become huge. I don't see how there can be any other way. There will now be a compliant trusted way for the biggest money to participate in the bitcoin economy and first things first is they have to establish positions. Once the MC of bitcoin is much higher , the booms and bust will be less, Bitcoin will in fact become "Tame." But the ppl with the foresight , long term vision and balls accumulating now and/or have been holding for years will get the biggest reward. I don't see any other way for this to unfold. Ive always said Bitcoin is a prophecy , and ppl of course balk at me, but this news and future news will be ironic coincidences' that power Bitcoin to the Moon (Ethereum will also make it to moon).
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