CEO Pantera Capital: SEC Not Interested in Bitcoin-ETF

October 18, 2018

The head of the investment company Pantera Capital Dan Morehead answered some crypto-related questions of the audience at the Bloomberg's Institutional Crypto conference.

That’s what he said about the measures to be taken in the crypto community to make digital currencies more attractive for investors:

“It's kind of misleading to think of it like it's a light switch... Think of it as a continuum. We've had very sophisticated institutional investors for five or six years. I remember in the early era of Bitcoin, no Wall Street firm touched blockchain in any way. And then when the prior panelist, Tom Jessop [founding head of Fidelity Digital Assets] invested in Circle, within five months, 80 Wall Street firms had a piece of something... And with Bakkt doing a crypto exchange, I think within like six months, everyone is going to try to get a piece of something.”

When asked about his own investment strategies, Morehead told:

“Friends ask me all the time: 'Should I invest Bitcoin, or should I invest in ICOs, or should I invest in venture?". And I think the important answer is "Yes, you should own a basket of all that stuff, and I think the worst thing to do is have 'analysis paralysis' where you are so stressed... You should figure out what fraction of your portfolio you are willing to risk, you know, a percent or two... and allocate it across a number of different managers, a number of different products... And if you think about it, that's what we do with every other portfolio, right? <…> And I think you should have that approach here: buy a portfolio of things... This is a space that's so disruptive, so transformative that you can actually pick winners and build a portfolio that's going to be robust no matter which way this thing goes.”

The Pantera Capital CEO also shared his view of the upcoming things in the crypto industry investors would better pay specific attention to:

“An ETF is not news. It's amazing how much energy is spent on it. Very few people know that the last asset class that was certified for an ETF was copper. It took three years, even though copper has been around for 8,000 years... The SEC doesn't want widows and orphans buying Bitcoin ETFs. They don't even know if Bitcoin is officially a security. So, I think an ETF is years away.


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