THELOGICALINDIAN - Pantera Capital CEO Dan Morehead believes a BitcoinETF approval is bush in allegory to Bakkt and Fidelity ablution cryptocurrency trading platforms for institutional investors
Too Early for a Bitcoin ETF, Says Pantera Capital CEO
Yesterday, Pantera Capital architect and CEO, Dan Morehead batten with Messari administrator of business development and console adjudicator Katherine Wu at Bloomberg’s Institutional Crypto Conference.
Pantera Capital has fabricated media after-effects afresh as the close is one of the aboriginal blockchain advance firms and a contempo statement to investors amphibian about Twitter showed the firm’s advance portfolio down 73% on their cryptocurrency investments.
While speaking about the approaching of cryptocurrency Morehead downplayed the coercion and accent of an exchange-traded armamentarium (ETF) backed by Bitcoin [coin_price].
When asked about whether the approval of a Bitcoin ETF and the acceptance that this would accompany about a able trend changeabout captivated merit, Morehead said, “I anticipate an ETF is years away.”
He explains that “very few bodies apperceive that the aftermost asset chic that was certified for an ETF was copper. It took three years, alike admitting chestnut has been about for 8,000 years.”
Investors, Curb Your Enthusiasm!
According to Morehead, “an EFT is not news” and the actuality that anybody is hinging the approaching success of cryptocurrency on its approval is a bit naive. Morehead poetically opined that:
Regarding contempo Bitcoin ETF postponements and rejections, Morehead appropriate that it is abundant too aboriginal for bazaar makers to seek approval for such an apparatus as the cryptocurrency bazaar is still in its adolescence and that accumulation adeptness broker “overreacted.”
Basically, the CEO is suggesting that cryptocurrency investors pump the brakes and comedy the continued bold as the absolute noteworthy account contest are “the Fidelity and the Bakkt thing.”
Even admitting Bakkt is scheduled to barrage abutting ages and Fidelity aloof launched their crypto belvedere for institutional investments, Morehead says,
Morehead echoes above Goldman Sachs partner, Mike Novogratz, who puts the alpha of absolute institutional flows into cryptocurrencies for the aforementioned time period, namely Q1 and Q2 2019.
Bitcoinist also reported in July that the final accommodation for the SEC to aphorism on the SolidX/VanEck Bitcoin ETF is accepted ancient in February or March 2019, according to acknowledged expert, Jake Chervinsky.
Do you anticipate the SEC will accept a Bitcoin-ETF anytime soon? Share your thoughts in the comments below!
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