In an interview with CNBC on August 8, Pantera Capital’s CEO Dan Morehead claimed that crypto markets are making too much of a fuss on the delay of Bitcoin’s ETF.
Speaking on CNBC’s “Fast Money,” the CEO says that many investors exaggerate the importance of the delayed decision on Bitcoin ETFs from the US Securities and Exchange Commission (SEC).
Let’s Be Bullish On Crypto
Morehead thinks that investors should instead focus on the positive events in the market, such as the announcement of the upcoming crypto project Bakkt, which is aimed at launching a global ecosystem for digital assets.
Morehead says that Bakkt will have a very large impact on the crypto project that will be felt over the next few years. The CEO emphasizes that the crypto project is indeed “huge news.”
Let’s Not Be Upset About Delays
Morehead predicts that a Bitcoin ETF approval may take a long time, pointing at the nascent stage of crypto adoption. He cites as an example the fact that the most recent asset that the SEC approved for ETF certification was copper, a metal that has been around practically forever. Morehead says that:
“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.”
Morehead also points out that while most major cryptocurrencies have experienced a price downturn, prices are actually up by around 82 percent year over year, and he notes that “it’s all perspective.”
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