Brian Kelly also said that this move by Starbucks will make it possible for a bitcoin ETF.
Earlier on Friday, 3rd August, Starbucks, Microsoft, BCG and the Intercontinental Exchange (ICE), among many others, went on to announce that they are soon going to launch a new company called Bakkt.
Ahead of this announcement, ICE also went on to add that Bakkt would make use of Microsoft cloud to develop an open and regulated, digital asset ecosystem. Also to appeal even further to customers the app will also enable them to use bitcoin and other cryptocurrencies at Starbucks.
In a segment with CNBC’s “Fast Money”, Kelly, a bitcoin enthusiast stated, “With this latest announcement, they will now have a U.S.-regulated exchange as well as a licensed warehouse, and this is the way commodities will be stored and that is how it will make it a lot easier for an ETF to come through.”
This news of Starbucks and a major exchange going all in on cryptocurrency could tremendously help bitcoin to break through as a major global currency. It might also affect the price of bitcoin which has struggled to maintain or grow since it reached its peak back in the latter stages of 2017.
Kelly who also manages a blockchain-focussed BKCM Digital Asset Fund further added, “This is huge news.”
Kelly also went on to state that this latest development comes as a wake-up call for all cryptocurrency critics who have termed cryptocurrencies are impractical.
Starbucks accepting cryptocurrencies brings them into the limelight even more, and in addition to that, it means users can spend their digital fortunes almost anywhere.
Also, ICE’s involvement drastically improves the chances of bitcoin exchange-traded funds (ETFs) or baskets of assets related to it that trade on stock exchanges.
Kelly then went on to add, “Their plans involve getting this into your 401(K). They’re talking about in your…. TD Ameritrade or Fidelity account, it will be possible for you to buy a bitcoin ETF, a bitcoin mutual fund. It expands the entire universe.”
However, regardless of his optimism, it didn’t seem to have affected the price of Bitcoin (BTC) in a positive manner which came as a shocker to him
He concluded the interview by saying, “My conclusion is the crypto market is completely missing on this opportunity. For that matter, I feel the market, in general, is missing on it. This is very, very big news.”