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Bitcoin Has A Double Date with Destiny

The day that will decide the fortune of retail investors in cryptocurrency is within sight. Upon reaching $20,000 on January 18, 2018, Bitcoin saw a dramatic price decline that tested the faith of even the most fervorous believers. After HODLing for nine months and seeing prices fall precipitously, investors finally have something to look forward to. Bakkt, the new crypto custody and trade exchange owned by the Intercontinental Exchange (ICE) announced that it will begin Bitcoin Futures trading on December 12, 2018. Almost exactly 11 months after Bitcoin’s demise started.

The start of operations of the Bakkt exchange promises an end of the Bear cycle. Bakkt promises strong custody solutions that most believe will incite institutional investment and re-ignite the market. However, there is a catch; Futures trading mean betting against the health of Bitcoin itself. Therefore, it is likely that prices will suffer before they recover. Nevertheless, investors weary after a year of fear, uncertainty, and doubt (FUD), are thirsty for any activity that can alter the current state of the market and create some sort of upward movement. Bakkt promises to do exactly that; a drop followed by a rapid climb.

The second most anticipated date is the day the Security Exchange Commission (SEC) announces its decision to approve or reject the CBOE Bitcoin ETF. Unfortunately, that date remains unknown; though the SEC postponed its decision from September 30 to December 2018, the exact date remains unspecified. A Bitcoin ETF is a certain catalyst not just for the market but the entire crypto ecosystem.  It represents a vote of confidence towards the new asset class and its value. It will also open the door to trading of Bitcoin securities and other derivatives.

The news of the Bakkt’s actual launch date has a revitalizing effect on the future prospect of Bitcoin. And though, success is not guaranteed, investors can at least look forward to some resolution to all the waiting. And learn whether crypto will rise again and their patience will pay off, or Bitcoin’s fate will remain in limbo. As of now, only time will tell, but at least a date is marked and its arrival is unavoidable.

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