CEO Pantera Capital: Bakkt Announcement More Important Than SEC Decision on BTC-ETF
August 10, 2018
The chief of the Pantera Capital investment fund Dan Morehead claimed that crypto investors have taken Bitcoin-ETF descision delay by the US SEC unreasonably seriously.
According to the report by Canaccord Genuity, the decision by SEC on granting Bitcoin-ETF license to VanEck and SolidX was put off to the next year. Morehead said there is no grounds to worry.
“I still think it will be quite a long time until an ETF is approved. The last asset class to be approved for ETF certification was copper, and copper has been on earth for 10,000 years. The main thing to remember is that bitcoin is very early-stage venture, but has real-time price feed – and that's a unique thing. People get excited about the price and overreact”.
CEO Pantera Capital believes that Bitcoin community would better switch to the recent announcement of the Bakkt crypto platform, a project by the ICE intercontinental exchange, rather than getting worried about the SEC decision.
“That's huge news. That is going to be a very profound impact over the next five or 10 years for the markets, and, to my mind, that's what people should be focused on”.
As for the current situation with Bitcoin Morehead said that now its price exceeds the previous year’s rate by 82%.
Note that earlier SEC has regularly declined applications for Bitcoin-ETF licenses due to BTC huge popularity in the underworld.