My thoughts on ICE's Bakkt

https://www.tradingview.com/x/5knI5emY/ The market likes for potential bull set-ups to have a catalyst. People like there to be a reason that justifies moves breaking through supports or resistances on the weekly SMAs: they are often highly regarded as both strong and important. For this upcoming bull move, that will be ICE's "Bakkt" (an ETF-like product that's fully backed (how clever, lul) by real #Bitcoin using their own custody solution). It starts trading in a couple weeks; thereby opening up the #Bitcoinmarket to potential trillions worth of daily trading volume, if/when implemented globally. It might only be available in certain countries at first, however. I do know the offering starts in U.S. markets, at least. Maybe European ones too. It's a big deal imo because Bakkt is better than the ETF(s) (someday before the end of the universe) to be approved by the SEC, that many traders/investors/institutions have been waiting for (my impression from the few I've looked over during the last 6 months was that many of those proposed products were ONLY 10% real Bitcoin). Therefore it's a GOOD THING those non-100% backed products weren't approved: they would have opened up the #Bitcoin market to a possible (and likely inevitable given the history of wallstreet and the central banks therein) nightmare of re-hypothecation and other potentially toxic financial instrument creation. I'm pleased ICE's decision on Bakkt was 100% real Bitcoin because that maintains one of the value propositions of Bitcoin: a safety asset and store of value for the Bakkt product's customers. Eventually nearly all people will learn to hold thier own private keys which is an essential goal, but for the time being with this the non-computer savy can easily get #Bitcoin exposure.