Bakkt Sees Brighter Global Outlook for Bitcoin and Crypto Expansion
Bakkt’s chief product officer, Dan O’Prey, expressed growing optimism for the global cryptocurrency industry, citing improving international regulations and the company’s plans to expand its retail operations beyond the United States.
Speaking with Sam Bourgi at Bitcoin 2023, O’Prey said Bakkt had prioritized a “B2B2C” model over the past two years, focusing on institutional partnerships while preparing for broader retail engagement.
He noted that despite the fallout from the FTX collapse, institutional interest in Bitcoin (BTC) remains strong. “We saw last year a lot of fallout and issues with companies, practices and coins in this space that dragged Bitcoin down with it — even though those had nothing to do with Bitcoin,” O’Prey remarked.
Regulatory Clarity Fuels Optimism
O’Prey highlighted that Bitcoin’s classification as a commodity has given it an advantage over other cryptocurrencies facing regulatory uncertainty in the U.S. However, he acknowledged that the broader lack of clarity in U.S. crypto regulation remains “the most top-of-mind hurdle” for adoption.
He emphasized that Bakkt’s slower, compliance-driven approach has put the company in a strong position as the industry matures. “By doing things right, it’s been a little bit slower, but now we’re in a much stronger position,” O’Prey said.
International Retail Expansion Plans
Currently, Bakkt’s retail platform — which supports embedded trading, payouts, and rewards — operates exclusively in the United States. The company now plans to expand its retail activities internationally by leveraging existing partnerships.
According to O’Prey, Bakkt is “working with some of our partners to identify jurisdictions that perhaps they already operate equities trading in, are looking to add crypto, or already have a presence.”
Europe’s MiCA Framework Seen as Model for Progress
O’Prey praised the European Union’s recently approved Markets in Crypto-Assets (MiCA) framework as a positive step for the industry.
“Any form of clarity is by and large good,” he said. “At least people know where they stand, they know how they can operate, and they know how they can comply. That enables businesses and institutions to participate in the space.”
He added that regions providing clear crypto regulations are likely to attract “a lot of inflow of talent, capital, and jobs.”
Long-Term Confidence in Bitcoin
Despite regulatory hurdles in the U.S., O’Prey remains confident in Bitcoin’s long-term trajectory. He noted that the ongoing evolution of global crypto frameworks — especially in Europe — is setting the stage for a more stable and innovative digital asset market.
Bakkt’s move toward international retail growth underscores a broader industry trend: compliance and clarity are becoming the foundation for the next phase of global crypto adoption.
