It’s a topic readers have been asking me about frequently the past month…
From Dave L.: Teeka, what’s going on? Bakkt launched last month, yet bitcoin hasn’t moved. How much longer will it be before we see those exponential gains?
From Jacob W.: Teeka, could you please explain why cryptos dropped after the September 23 launch of Bakkt?
From Steven L.: Teeka, what kind of effect will Bakkt have on the bitcoin halving?
Bakkt is a subsidiary of the company that owns the New York Stock Exchange. It’s a bitcoin trading platform for institutional investors.
And today, I’ll tell you why it’s still a major catalyst for bitcoin—and why I expect bitcoin to reach new highs…
A Slow, But Steady Start
The launch of Bakkt on September 23 was one of the biggest events of the year for bitcoin.
You see, what makes the platform special is that it’s the first to physically settle futures contracts with bitcoin rather than with cash. So Bakkt is holding actual bitcoin on behalf of its clients—removing it from the market.
Remember, over 17 million bitcoins have been mined so far. And a third of them have been lost forever. Meanwhile, the remaining supply will continue to shrink as more bitcoin trades on Bakkt’s platform.
Now, if demand is constant, but the new supply is decreasing… then the price increases. It’s Economics 101. And that’s why I’m so excited by Bakkt’s decision to trade and custody actual bitcoin.
But initial trading volume was lackluster, and the price of bitcoin dropped shortly after its launch. Many people were disappointed, thinking bitcoin would skyrocket overnight.
Yet this shouldn’t come as a surprise.
In my August 28 Palm Beach Confidential video update, I told my subscribers bitcoin wouldn’t skyrocket right after the Bakkt launch. (Subscribers can watch the update here.)…
Friends, I want you to understand just how huge this is. I’m not suggesting that, on September 23, bitcoin’s going to go to $30,000… $40,000… or $50,000 overnight. What I am suggesting is that, for the first time ever, institutions will have a trusted intermediary they can use to finally access this asset.
And earlier this month, I told you it would take time before institutional funds would ramp up on Bakkt.
That’s exactly what’s happening now…
Bakkt Is Setting Records
Bitcoin futures on Bakkt are finally picking up steam. The Intercontinental Exchange, which owns the platform, reported that daily trading volume increased almost 800% last week.
This is bullish news… Bakkt is a proxy for institutional money coming into bitcoin. We’re starting to see record amounts of capital flow into the platform. And that’ll likely send bitcoin prices to new highs.
Now, compare that to where we were back in 2016… when people were sending me hate mail saying, “Why are you talking about this magic internet money that’s only used by pornographers and money launderers and gunrunners?”
Think about how far we’ve come since then. The world’s largest exchange operator is now offering bitcoin futures trading. And bitcoin and crypto assets are gaining widespread adoption—exactly as I said they would back in 2016…
Let Time Do the Heavy Lifting
Friends, don’t get caught up in the day-to-day price movements of bitcoin or the overall crypto market. This asset will go up 30–40% on no news… and drop 30–40% on no news, too.
But don’t sweat the pullbacks. Embrace the volatility—because the bitcoin genie is out of the bottle. There’s no way to put it back in.
Wall Street is finally embracing this asset. The biggest pools of public capital in the world—Fidelity, TD Ameritrade, and more—are all coming into crypto. And when you bet alongside Wall Street, it’s tough to lose.
So be patient and rational… Build positions in great projects… And let time do the heavy lifting for you as these global leviathans enter this nascent market.
Let the Game Come to You!
Teeka Tiwari
Editor, Palm Beach Daily
P.S. Bakkt isn’t the only catalyst that’ll send bitcoin to new highs. You see, there’s a rare event coming around the corner set to reduce new supply even more—and push prices higher. It’s called the “halving” and it’ll cause the entire market to explode in value.
So now’s the time to get in. And to take advantage of this event, I’ve found five tiny cryptos (some trading for as little as a few cents) that could soar so high, so rapidly… they could potentially help you turn $500 into $5 million in as little as 300 days.
It’s exactly what could’ve happened the last time bitcoin’s halving occurred four years ago. And I’ll show you how you can get my exclusive buy list right here…
But don’t wait—this opportunity will go offline tomorrow at midnight.