With Bakkt launching its Bitcoin futures contracts in about mid-December while one of the largest asset managers Fidelity Investments has already announced its subsidiary Fidelity Digital Asset Services (FDAS) and Goldman Sachs along with Mike Novogratz’s Galaxy Digital investing in custody solutions, 2019 is showing promising signs.
Big names, big game
2019 is looking promising with each passing day as more and more institutions announce their crypto plan. With the latest reports suggesting Bakkt will start trading Bitcoin futures close to this year-end, mid-December to be exact, things keep on getting interesting and bullish for the next year.
In less than two months from now, Bakkt will be ready with its platform “designed to enable consumers and institutions to seamlessly buy, sell, store and spend digital assets. Formed with the purpose of bringing trust, efficiency, and commerce to digital assets, Bakkt seeks to develop open technology to connect existing market and merchant infrastructure to the blockchain.”
As put by Jeffrey C. Sprecher, founder, and CEO of Intercontinental Exchange (ICE), the company behind Bakkt,
“In bringing regulated, connected infrastructure together with institutional and consumer applications for digital assets, we aim to build confidence in the asset class on a global scale, consistent with our track record of bringing transparency and trust to previously unregulated markets.”
Fidelity Investments, one of the largest asset managers having millions of customers has already announced the creation of its subsidiary Fidelity Digital Asset Services (FDAS). From crypto enthusiasts, investors to experts everyone is extremely bullish about Fidelity’s involvement in the crypto space.
As recently stated by CNBC’s Brian Kelly regarding institutional investment,
“Soon. I think very soon. It wouldn’t surprise me to see a lot of those companies have something working in the background by Q1 of 2019. I mean if you’re looking at this, there are a couple things you need to think of. Fidelity is in this space. Also, remember that startups like Robinhood launched a crypto app and got a million users in four days. So if you are at Schwab or you’re at E*Trade, then you may start to look at that and say, “Where are the customers?” And they’re in crypto, so you gotta offer that product.”
Also, Goldman Sachs along with Mike Novogratz’s Galaxy Digital invested in crypto custody firm BitGo. Goldman spokesman Michael DuVally has said,
“We believe that a custody offering is a logical precursor to digital asset market making,” at that time while Novogratz attributed it as “more institutional architecture.”
Experts like Mike Novogratz and Brian Kelly among others believe Institutional FOMO will drive the next crypto bull run.
Do you think the next crypto bull run will be in fact propelled forward by institutional investors? And will 2019 be the ultimate institutions in a crypto year? Share your thoughts with us by commenting below!