Will Bitcoin and Digital Assets Survive
Jeffrey C. Sprecher CEO of Intercontinental Exchange and Kelly Loeffler CEO of Bakkt Says: YES
NYSE owner buys Bitcoin at low prices before launching Bakkt
The 2018 Bitcoin Bear market was a disaster for most crypto fans, but a blessing for the highly anticipated Bakkt crypto currency trading platform. This is the opinion of NYSE Chairman Jeffrey Sprecher , CEO of Bakkt’s parent company Intercontinental Exchange (ICE).
The Spokesman’s ICE – along with Microsoft, Starbucks and BCG – is funding Bakkt, whose CEO is Kelly Loeffler, Spokesman’s wife.
Sprecher: BITCOIN WINTER WAS GOOD FOR BAKKT
Sprecher tried to positively influence the Crypto winter by saying he had given Bakkt time to expand the platform and buy Bitcoin at relatively low prices.
“It was really helpful that the crypto currency industry went into the winter, so to speak,” said Sprecher during a phone call with analysts. “That took some of the heat out of the launch schedule.”
Bakkt, which will facilitate trading in Bitcoin futures for institutional investors, electrified the crypto community in August 2018 when it announced its imminent launch.
Bakkt will make Bitcoin, which is regulated by the CFTC as a commodity, available for safekeeping and pricing in a manner that is free of market manipulation and fraud.
THE START OF BAKKT WAS DELAYED SEVERAL TIMES
Bakkt was scheduled to go into operation in January 2019, but the roll-out was postponed several times due to regulatory delays. There is currently no launch date for the new platform.
On the positive side, Jeffrey Sprecher says the delays have enabled Bakkt to attract new talent and make important acquisitions.
“We’ve already looked at a number of different companies and earlier this week acquired a company that we wouldn’t have had if the market had been really hot.”
SPRECHER: BITCOIN WILL SURVIVE DOWNTURNS
In 2018, the crypto market was roiled by bitcoin price plunges, mass layoffs, and former bitcoin evangelists fleeing the industry.
Despite these setbacks, Sprecher remains bullish about the future of virtual currencies.
Sprecher is confident that digital assets will have a bright future despite the recent downturn. “The clear answer is yes [crypto will survive],” Sprecher said in November 2018.
Sprecher also says Bitcoin is the yardstick by which all other crypto currencies are measured – and that won’t change.
“Somehow Bitcoin lived and survived in a swamp. There are thousands of other brands that can be said to be better, but Bitcoin survives, thrives and attracts attention. “
JEFF SPRECHER: BAKKT IS A “MOON SHOT BET”
Spokesman doubled his bullish stance in February 2019 when he called Bakkt a “moon bet” for Intercontinental Exchange, the parent company of the NYSE.
“It’s a bit of a moonlight bet and was organized in a way that differs from the way ICE normally does business.”
“Bakkt has its own offices and management team. They are good at building an infrastructure that I think will start later this year. “