Bitcoin [BTC] Futures Contracts get a green signal from the regulatory authorities

Bitcoin Daily Futures contract is reportedly getting a green signal from the authorities which have been a much-awaited Bitcoin Futures that is being launched by New York Stock Exchange [NYSE]’s sister company Bakkt, as per Wall Street Journal.

The Bitcoin Futures contract launched Intercontinental Exchange [ICE] is basically for the institutional players that haven’t been able to get into the cryptocurrency-frenzy. Now that Bakkt is getting approval from the authorities the futures contract will see a massive adoption from institutions due to Bitcoin’s inherent demand.

Bakkt has been rigorously working with Commodity Futures Trading Commission [CFTC] to get the much-needed green-signal. The contract was scheduled to be launched on December 12, but it was postponed to late January 2019. ICE announced the rescheduling on November  20, 2018 stating:

“ICE Futures U.S., Inc. will list the new Bakkt Bitcoin (USD) Daily Futures contract for trading on trade date Thursday, January 24, 2019, subject to regulatory approval. The new listing timeframe will provide additional time for customer and clearing member onboarding prior to the start of trading and warehousing of the new contract.”

Bakkt announced the same on their twitter saying that there is still work left to be done and hence it will be delayed.

The approval would make it the first Bitcoin Futures contracts to pay in cryptocurrency instead of the usual, cash.

Moreover, many prominent people in the Bitcoin community are under the hopes and excitement that this approval would kick-start the anticipated bull run for Bitcoin.

Alex Krüger, a prominent trader and an economist, tweeted his enthusiasm:

Adam Back, a cypherpunk, cryptographer and the CEO of Blockstream displayed his support by tweeting:

“looking forward to @bakkt one day physical delivered #Bitcoin future, traded on ICE’s electronic trading platform, and physically delivered to Bakkt Warehouse for custody.”

CryptoChartsJoe commented:

“Believe it when I see it, we’ve been lied to many times before!”