Bakkt’s chief product officer, Dan O’Prey, highlighted his excitement for the future of Bitcoin and the company’s stance on regulated markets.
According to Bakkt Chief Product Officer Dan O’Prey, the regulatory landscape for cryptocurrencies globally is changing, and the company is considering a retail expansion on the continent. O’Prey observed overall encouraging long-term tendencies.
Speaking to Cointelegraph’s U.S. News Editor, Sam Bourgi, at Bitcoin 2023, O’Prey described Bakkt as prioritizing its role as a “B2B2C” company for the past two years. As such, it has seen “a significant portion of the major institutional interest” focused on Bitcoin, in spite of the aftermath of the collapse of cryptocurrency exchange FTX. He said:
“We saw last year a lot of fallout and issues with companies, practices and coins in this space that I think have dragged Bitcoin down with it, even though those had nothing to do with Bitcoin.”cointelegraph.com
Due to its established status as a commodity and the regulatory certainty it offers, bitcoin has a distinct edge over other cryptocurrencies in the US. According to specialists in the field, a major barrier to the adoption of Bitcoin in the country is still the general lack of clarity in the legislative framework for cryptocurrencies. The widespread acceptance and mainstream adoption of Bitcoin as a financial asset are hampered by this uncertainty.
Businesses and people interested in using Bitcoin face difficulties navigating compliance requirements and potential legal repercussions because to the murky regulatory environment. Greater clarity and increased market involvement would result from clear and thorough laws, promoting the expansion and integration of Bitcoin into the established financial system.