Earlier in the week, Fidelity announced the plans for its new digital asset services company. This news accompanied by Bakkt’s plans to launch in November, the cryptocurrency scene is overwhelmed with potential.
For those who are unaware, Bakkt is a new company spurring out from the Intercontinental Exchange who is the parent company of the New York Stock Exchange. Intercontinental exchange has a market cap over $20 trillion dollars.
“When we look back at this five years from now, I think those are going to be the events that spurred an enormous amount of capital into the industry.” said Dan Morehead at Bloomberg’s Institutional Crypto Conference.
With these two new major players entering the market, they are going to add a substantial amount of capital. Speculators are unsure of how this is going to affect the market. Some say that the entrance of these players may help boost the market price of Bitcoin as it may become an Exchange Traded Fund (ETF). Other say that the entrance of these players may only further devalue the Bitcoin.
Either way the CEO of Bakkt, Kelly Loeffler, is positive that they will have a positive impact on the market. Loeffler even compared the crypto market to the oil market in an interview with Fortune, saying that the Intercontinental Exchange was a vital player in providing liquidity.
Only time will tell how Fidelity and Bakkt will affect the market.