If people are willing to bet so much money on Bakkt they must know that it's going to launch. People with no inside knowledge are complaining that Bakkt will never get approved and those with inside knowledge are betting on it. I don't believe an institution would put a million or 2 into something they aren't sure of.
Venture capital is a high-risk area, but I think you're right. This is a huge investment from a bunch of high profile VC firms. I don't think we'd see this magnitude of investment without a high level of confidence that Bakkt will get the green light.
2019 will be the year of bakkt and ETFs.
I don't have the same level of confidence with an ETF. There's precedent for CFTC-regulated markets -- both cash settled and physically settled. There's no such precedent for an ETF, and the SEC seems like they have much more stringent standards.
