David Gokhshtein recently said that ETF approval is a temporary fix for the market. A better and long term solution was suggested by the entrepreneur in his recent conversation with BlockPublisher that,
Bakkt would help the market long-term. ETF is nothing but short-Term play.
With the market going crazy for a long time regarding the ETF, this is a rather bold statement to make, but with the support of the big players of the market, Bakkt has given hope for the provision of institutional support and utility of crypto. There is no doubt about the fact that the applications of digital currencies that Bakkt provides, by bringing digital currencies within the reach of masses, would probably help with the brand name of crypto which has been damaged by the volatility and the fraudulent activities which are being carried out on the platform.
Companies like Starbucks have announced alliance with Bakkt, these partnerships ensure the eventual institutional support that the platform can bring in for crypto. Hence, the words of David make sense in this perspective.
The crypto enthusiast has been particularly excited about what the future brings for Bakkt and is pretty hopeful that the platform would help push crypto to its full potential. He has been seen vouching for the game changer on his social media. He tweeted,
One word = @Bakkt
— David Gokhshtein (@davidgokhshtein) September 11, 2018
He also suggested that the ETF would help Bitcoin, “but not like Bakkt.”
Although the platform surely shows enough potential, but is the ETF really that permanent a fix as compared to the platform that David vouches for?
A wave of analysts, enthusiasts, entrepreneurs and investors have been waiting for the SEC to give a positive signal relating to the ETF proposal for a long period of time. Many of the leading analysts have also termed the approval of the ETF as the pivot point, after which the crypto world would take off. As of now, the market is totally being guided by the ETF proposals, the rejections are weakening the brand image, and hence the market capital is in constant state of volatility. So much that the analysts have been predicting the market prices, in relation to the proposal acceptance. Thomas Power, the executive director of 9spokes recently said,
We’re heading for $3,000 before ETF approval.
He was also hopeful that the ETF acceptance would change the game for crypto as the brand confidence would automatically slide in. He said,
SEC will give BTC brand confidence in 2019, rest will follow in 2020.
There are analysts and enthusiasts who have been terming ETF as the sole solution for the volatility of the market. Others, like David have other ideas in their minds relating to the utility of crypto through platforms which would allow institutional support. What would actually help the market in the long run? Only time can tell.