This could be a big week for Bitcoin and other cryptocurrencies because many people are anticipating the launch of Bakkt. Bitcoin could see a price surge this week and other cryptocurrencies including litcoin, ethereum and XRP could also see price increases. Bitcoin has had a good 2019, as the price is up about 200%, but the best could be ahead. Let’s look at the Bakkt launch and the potential Bitcoin price surge.
Bakkt Ready to Launch
Bakkt is a Bitcoin platform that was expected to get started long before now, but its launch was delayed. It announced partnerships with marquee companies like Microsoft and Starbucks and many people got excited. Bakkt is expected to launch their bitcoin future contracts on September 23 and many analysts believe that the launch will be a boon to Bitcoin.
Bakkt has had some setbacks that have delayed the launch, but it is finally ready to get going. One thing this will mean is that people will be able to speculate on what will happen in the Bitcoin market with Bitcoin futures. There are some people who are concerned that there will be market manipulation but the reality is that the Bitcoin market is manipulated now. The price of Bitcoin goes up and down many times because of what the so-called Bitcoin whales are doing, so expect to see more Bitcoin price fluctuations.
Bakkt not only has Microsoft and Starbucks onboard, they also have a partnership with Boston Consulting Group and global bank BNY Mellon. They also have investment from Fortress Investment, Eagle Seven, and Susquehanna International.
Bitcoin Bull Run Expected
Many bitcoin bulls are expecting a big price surge to come very soon. Venture capitalist Tim Draper and Morgan Creek Digital’s Anthony Pompliano believe the price is going to rise quickly. Draper is all-in on the Bitcoin price and he is bullish beyond belief, as he said that Bitcoin will be worth $250,000 by 2022. "$250,000 means that bitcoin would then have about a 5% market share of the currency world and I think that may be understating the power of bitcoin," Draper said to Israeli news outlet BlockTV. Pompliano didn’t go as far as Draper did, but he did have positive comments about Bitcoin fundamentals in a recent Twitter post. “US pensions are drastically underfunded and in big trouble. Bitcoin is a non-correlated asymmetric asset. At some point, every pension will face pressure from those they serve if they have no exposure to Bitcoin in their portfolio.”
It is worth remembering that predicting the Bitcoin price is tough to do. I compare the Bitcoin price to a rollercoaster that has a lot of ups and downs. There is really no predicting what is going to happen with the Bitcoin price. It has been as high as about $20,000 and down to a low of $3,000 and that is in just a couple of years. If you really think about it, the Bitcoin price fluctuations have been amazing. Many people did really well on the first major Bitcoin price surge but a lot of people got crushed when Bitcoin fell.
One thing we do know is that Bitcoin continues to gain popularity around the world as a payment method. There are more companies adding Bitcoin payment methods on a regular basis. Whether it is Microsoft, Starbucks or leading online sportsbook BookMaker, companies are realizing that Bitcoin is a great choice to accept payments and also to send out payments. Bitcoin has proven to be a reliable, safe and fast way to transfer money and businesses have taken notice. A number of sports teams have already implemented blockchain technology and some accept Bitcoin as a payment method. You can get started with a Bitcoin wallet today and begin sending and receiving Bitcoin at BookMaker with no worries about your funds not going through. Check out the latest Bitcoin deposit and withdrawal options at BookMaker today and join the many customers who have already discovered Bitcoin as a reliable payment method.
Check out the latest Bitcoin deposit methods at BookMaker today.
