Mike Novogratz, the head of the biggest cryptocurrency firm on Wall Street, says the latest announcement from the owner of the New York Stock Exchange is the crypto game changer of 2018.
Intercontinental Exchange (ICE), which owns the New York Stock Exchange, says it plans to create a new type of Bitcoin futures contract that’s settled in BTC – and build a new payment platform called Bakkt that lets consumers, merchants and institutional clients to purchase and spend digital assets on a “seamless global network.”
Starbucks is set to become the flagship retailer for the platform.
According to Novogratz, the announcement is the consumer-adoption and institutional-investor breakthrough he’s been touting for weeks.
Excited Galaxy is part of this project. In my opinion, this is the most important news in crypto this year. Consumer adoption, Institutional custody, a clearing house, and a new major player in the exchange game. The herd..
— Michael Novogratz (@novogratz) August 3, 2018
In its announcement, the founder, chairman and CEO of ICE Jeff Sprecher said Bitcoin could become the first currency to truly unify financial systems around the globe.
“Bitcoin would greatly simplify the movement of global money,” says Sprecher. “It has the potential to become the first worldwide currency.”
Novogratz says he’s learned never to bet against Sprecher.
A pal of mine told me his golden rule was not to short Jeff Sprecher…excited to be long. https://t.co/xP9F93GNDC
— Michael Novogratz (@novogratz) August 3, 2018
Brian Kelly, the founder and CEO of cryptocurrency investment firm BKCM, is on the same page.
Kelly told CNBC, “This is huge news that I think the market is completely under-appreciating,” noting that he believes the announcement will pave the way for Bitcoin ETFs.
As for consumer adoption, Kelly says, “If you look at Starbucks history, they’re really at the forefront of digital payments, particularly in the retail space. So to have them involved is more of a signal that this is becoming more mainstream.”
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