Bakkt’s CEO believes that Bitcoin is not going away

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Bitcoin is down more than 60% from its all-time high, but Bakkt CEO says the leading cryptocurrency is not going away.

Gavin Michael, CEO of ICE-owned Bakkt, told yahoo finance In an interview on Friday that bitcoin is not going away. He made this statement at a time when bitcoin and the broader cryptocurrency market are underperforming.

Michael added that institutional interest in cryptocurrencies is increasing despite the current bear market. he said;

“There is still strong interest and momentum with our partners, many of whom are multinationals… they understand the peaks and troughs we are seeing. [But] We’re anticipating that partners may proceed at a slightly more conservative pace. They are thinking more about how they enter the crypto economy.”

The total market capitalization of the cryptocurrency market has fallen from $2.2 trillion at the start of the year to nearly $1 trillion currently. Despite this, Michael said he expects Bakkt to continue to engage with its crypto services in the second half of the year, and expects a massive ramp-up by 2023. They said;

“If you like, seeing cryptocurrency as just an investable asset with more widespread utility across consumers, businesses and institutions, we are seeing this shift in the narrative. So our job is to really make it free. is about working with our partners for [crypto’s] functionality and its full utility. ,

It’s time for a bear market to rise, and Bakkt is doing just that. The company, which operates a crypto trading platform for institutional investors, announced a new partnership Earlier this month there is an existing partnership with Visa and with Mastercard.

In partnership with Visa, Bakkt will offer crypto debit and credit cards, making it easier for consumers to use cryptocurrencies.

Bakkt’s partnership with Mastercard empowers companies to offer crypto as part of their loyalty rewards program. Michael said;

“We are seeing consumers who value their loyalty points even more in this challenging economic environment. They see it as a way to offset rising costs.”

Bakkt’s revenue grew 60% in the second half of the year, driven by an increase in sales from consumers redeeming loyalty points for crypto.

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