The impact of Bakkt’s Bitcoin futures remains to be determined. Despite the overall interest not being optimal, the company will expand its presence to Singapore.
Many people still believe Bitcoin futures trading will be beneficial to the cryptocurrency industry.
Others see it as another way for the naysayers to drive the value per BTC down when they feel like it.
Bakkt is one of the multiple Bitcoin futures trading providers today.
Their core product is very different, however, as these futures are settled in cash.
Despite a somewhat meager launch in the US, the company will receive a helping hand.
ICE Futures Singapore will begin supporting the Bakkt Bitcoin Cash Settled Monthly Futures Contract soon.
It is expected this trading vehicle will go live on December 9, 2019, barring any last-minute delays or mishaps.
This is another way for Asian investors to be exposed to the volatile Bitcoin price trends.
For ICE Singapore, it is another powerful investment vehicle capable of leveraging its regulated market.
The first question that comes to mind is how this will affect the value of Bitcoin in the weeks following this product launch.
Asia has seemingly been rather negative toward cryptocurrencies in many different ways.
It is certainly possible that the products by Bakkt will only drive the value down even further, at least under the current financial and geopolitical conditions.
It will also be intriguing to see if Bakkt can note a more proper trading volume in Singapore compared to its US launch.
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