Bitcoin, the cryptocurrency market and the blockchain industry is something that for a very long time, investors steered clear off. But in the past two years, we’ve seen that notion flip.

Post the 2017 December bull, in which Bitcoin set its all-time high at nearly $20,000 USD, it caught a lot of people’s eye. The reason being that no other stock option in the traditional market would ever be able to give them that kind of return.

With Bitcoin soaring to newer and greater heights by the end of 2017, many people got involved in the cryptocurrency market. And by extension, the blockchain industry that surrounds it.

But come 2018 and things started to change. Because the so-called “crypto-winter” commenced. Where Bitcoin lost more than 75% of its value in comparison to its all-time high and maintained a lowly performance throughout the year. While most people lost hope in the cryptocurrency market during that time, 2018 was not about the price of Bitcoin.

It was rather, all about the number of people getting into the market, the number of governments discussing regulations and the allowances that were being made for the market. The amount the market matured in 2018 is unbelievable. And 2019 seems to be rewarding for the community.

While Bitcoin already has quite an illustrious backing, in terms of imminent personalities backing it, investing in it, etc, today brings more good news for the market. One of the world’s richest people has announced that he has invested in a Bitcoin and other cryptocurrencies platform.

Through his venture capitalist firm Horizon Ventures, Li Ka-Shing has invested in the ICE Bitcoin platform; Bakkt. Bakkt is owned by the Intercontinental Exchange, which ironically also owns and runs the New York Stock Exchange.

Li Ka-Shing is a 90-year-old Asian business magnate. Li Sha-King is well known for his investment profile, stock portfolio and his net worth is close to $37.7 billion USD. Li Ka-Shing is also the 23rd richest person in the whole world. He presently lives in Hong Kong but is also a citizen of Canada. Li Ka-Shing also holds advisory positions in many companies, the most notable of those is that of CK Hutchison Holdings.   

Bakkt concluded its first round of fundraising and managed to raise a whopping $182.5 million USD. Post the round, Bakkt revealed that Li Ka-Shing through his venture capitalist firm had foot quite a bit of that number.

Bakkt is an exchange-like platform that is scheduled to launch sometime this year. And it is set to make it easier and safer for traditional and institutional investors to get into the market. The reason Bakkt is being lauded as a great product is that it will be the gateway through which financial institutions, traditional investors and institutional investors can get into the cryptocurrency market without putting themselves at too much risk.

2019 is already starting to look quite good for the cryptocurrency market and the community. As the market gears up for quite a few Ethereum hardforks, TRON acquisitions and now news of more traditional support, all is well in the cryptocurrency market. And it may not be too long before the crypto winter completely recedes.  

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Ramaa Mohan