Bakkt has been making headlines about the endless possibilities that it could open for investors. And also how it could also make a push for cryptocurrency investment for everyone. But now, it is now making news at a little level. The CEO of Bakkt, Kelly Loeffler, explained their relationship with Starbucks. She also detailed why the launch of their platform was pushed till January.
Starbucks with Bitcoin
Yesterday, in a speech that had to do with how to carry institutions to blockchain, Bakkt’s CEO Kelly Loeffler talked about the latest developments surrounding her startup. First, she clarified the relationship that Bakkt had with Starbucks. This was a thing misunderstood since the beginning. She said that they were in conversations with Starbucks to allow people to buy their coffee with bitcoin.
This would be a great achievement of Bakkt, onboarding one of the biggest coffee retailers of the whole world to cryptocurrencies. What was known since August it that they would be using a system that lets the customer pay in cryptocurrencies and the retailer to receive the corresponding fiat equivalent.
Bakkt CEO Kelly Loeffler referred to the fact of the postponement of their launch till January. She justified this by saying that the clients filled their pipeline. This would mean that Bakkts futures and services are being eyed by some of the most important institutional investors out there.
Nonetheless, there is still the possibility that this is the result of the bear market that has been in full force days ago. Trading futures need to also have bitcoin to support this operation. They could be waiting for the right chance to buy crypto assets for the best price. However, this delay certainly affects the price predictions that experts had previously made about bitcoin price.
Mike Novogratz, CEO of Galaxy Digital, predicted bitcoin would finish this year above $9K. Tom Lee from Fundstrat, also predicted bitcoin over $15K. But these predictions were heavily dependant on three determining factors.
First, was the launch of Bakkt before the end of this year, a thing that will not happen. Second, is Fidelity opening its custody service doors before the end of the year? Another thing that is not happening. And third, is the approval of a bitcoin-based ETF, a thing called out by the SEC Chairman Jay Clayton in this same conference. So it seems that the price of bitcoin won’t change, at least for this year.