Bakkt CEO: Digital gold, store of value narrative hinders crypto space

Mar. 30, 2022 10:04 AM ETBakkt Holdings, Inc. (BKKT)BTC-USDBy: Max Gottlich, SA News Editor28 Comments

Bakkt with Bitcoin coins

24K-Production/iStock Editorial via Getty Images

Bakkt (NYSE:BKKT) CEO Gavin Michael believes the narratives surrounding digital gold or store of value vs. spendable money is starting to hinder the digital asset industry.

"I think this digital gold and store of value narrative was helpful for a period of time, but I actually think now it's really starting to hinder the space, Michael said at the Barclays Crypto and Block Chain Summit.

Michael looked back at the origins of Bitcoin (BTC-USD), which was invented in 2008 by an unknown person or group using the name Satoshi Nakamoto, "designed as peer-to-peer electronic cash. It wasn't designed to be a replacement for gold in a vault." With interest in the decentralized industry taking hold, Michael explained that Bitcoin "can certainly function as a digital gold replacement, but there's so much more we can get from it."

Note that Bakkt (BKKT) is a crypto platform that enables consumers to seamlessly access and transact across all digital assets, offering solutions from payments to loyalty rewards programs. In January, SA PRO Editors screened BKKT stock with more than 100% upside.

See why Florian Grummes thinks Bitcoin is needed as an alternative.

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