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  • BAKKT is suspected to be fractional reserve

    Until we have independent on-chain analytics showing that Bakkt is indeed physically settled, I have to assume that it’s all paper bitcoin. People cherish the hard cap of 21M BTC but need to realize that any paper-backed BTC trading, for example CME futures and centralized exchanges notorious for fractional reserves, add on to the supply cap, subverting that which most strongly defines BTC’s value proposition.

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