John McAfee, stated on Friday that while he supported Bakkt, the world’s first bitcoin futures platform, which was slated to launch in the coming days, he would not be using it.
In a tweet, McAfee said, ” BAKKT goes live tomorrow. It is an institutionalized exchange so I won’t be using it, but institutions will feel a level of trust that they had not had. It could jump-start Ctypto adoption. But remember – it is the opposite of freedom’s movement.”
BAKKT goes live tomorrow. It is an institutionalized exchange so I won't be using it, but institutions will feel a level of trust that they had not had. It could jump-start Ctypto adoption. But remember – it is the opposite of freedom's movement.
— John McAfee (@officialmcafee) September 20, 2019
A Twitter user said, “Reminder, the hype is bakkt with substance. Unlike other futures exchanges, this is settled in bitcoin. Actual bitcoin is paid out, not just the fiat equivalent to the price of bitcoin. The result is better price discovery and liquidity for bitcoin.” To which McAfee responded saying, “True. And needed for much of the masses. But, like buying drugs from organized crime syndicates – take advantage of the offer if necessary, but don’t fall in with the mind-set offering the service.”
After multiple postponements, Bakkt had finally revealed that it would go live on September 22. In a blogpost, the platform had said, “Our contracts have already received the green light from the CFTC through the self-certification process and user acceptance testing has begun. With approval by the New York State Department of Financial Services to create Bakkt Trust Company, a qualified custodian, the Bakkt Warehouse will custody bitcoin for physically delivered futures.”
Earlier this month, Adam White, the Chief Operating Officer (COO) at Bakkt had said, “The launch of the Bakkt Warehouse, our regulated custodian and part of Bakkt Trust Company, allows for the safe, secure storage of bitcoin. It represents a milestone as we prepare for the launch of the Bakkt Bitcoin Daily and Monthly Futures contracts on ICE Futures U.S.”
In June this year, we had also reported that Bakkt would begin user acceptance testing for its Bitcoin Futures products from July 22, 2019.