Dan Morehead is the founder and CEO of the cryptocurrency hedge fund Pantera Capital. Now, CNBC has asked Morehead on the television program “Fast Money” about the current situation of Bitcoin. His remarks make you think. Morehead said it would take a long time for the US Securities and Exchange Commission to approve a Bitcoin-based exchange-traded fund (ETF). In his opinion, it would make much more sense for investors to focus on something else. The announcement of the Intercontinental Exchange (ICE) on its soon-to-open “Bakkt” crypto exchange is really important.
Bitcoin ETFs are less important to the crypto market than Bakkt Adaption
The Bitcoin part of the Broadcast began with a discussion of the SEC's postponement decision. This concerns the decision on a request for admission of a exchange-traded fund (ETF) on Bitcoin basis. This was provided by the companies VanEck and SolidX. Correspondent Bob Pisani said:
“The problem here is that we have not come closer to the Bitcoin exchange-traded funds (ETFs), except for a new approach to circumventing the problem but the SEC bothers (…) The decision was adjourned to September 30, but do not fool yourself: the SEC is probably thinking about nothing but a lengthy explanation of why the Bitcoin exchange-traded funds (ETFs) currently exist can not yet approve, as well as the rejection of the application of the Winklevoss twins last month. “
Then Morehead was asked about his opinion. Morehead said he believes investors have overreacted:
“I think it's important to remember that Bitcoin is still in a very early stage (…) The People see the course, scare and react (…) The rejection is the same story we've seen for five years. I believe the SEC is simply very cautious about Bitcoin-based ETFs. “
CEO believes Bitcoin will reach new records in 2018
Morehead also said that Bitcoin is still doing well, showing an 82 percent year-over-year gain. He also advised not to wait for SEC approval:
“I believe it will be quite a while before you get a publicly traded fund (ETF) [on Bitcoin Base] approved … The last approved asset class for an ETF was copper – and copper people have used for 10,000 years. It was only approved in 2012 and after a year-long procedure. I think ETFs and Bitcoin still have a long way to go. “
Afterwards, Morehead was asked what he thought would be the next trigger for a rise in Bitcoin's price. Morehead replied:
“[The ETFs] are not that interesting. On Friday, however, the parent company of the New York Stock Exchange, which also holds $ 42 billion in other stock exchanges, has announced that it is opening a crypto exchange called Bakkt. This is important news. That will have a big impact on the markets in the next five to ten years. I think people should focus on that. “
Morehead concluded by saying Bitcoin could continue to fall. He personally believes that Bitcoin will have a much higher price in one year than it does today.
Source: CNBC, Pixabay
Author: Peter Joost – Source Post: https://www.kryptovergleich.org/ceo-von-pantera-bakkt-sollte-bitcoin-kurs-ripple-xrp-ethereum-antreiben-nicht-die-etfs/
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