Investors shouldn’t panic over Bitcoin ETF news, feel optimistic about Bakkt: Pantera Group CEO
Dan Morehead, the CEO of Pantera Capital has commented on SEC’s delayed decision on Bitcoin ETF, stating investors are overreacting. In this context, Morehead, the manager of the crypto hedge fund has urged the investors to remain positive about the upcoming Bakkt initiative of Intercontinental Exchange in partnership with tech giant, Microsoft and also Starbucks. He has suggested the investors not to be in a panic state over the Bitcoin news.
In an interview with CNBC on Wednesday, the crypto hedge fund manager has stated, "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." According to Morehead, "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."
Following the procrastination of SEC’s decision on the issue of Bitcoin ETF, the valuation of the top most cryptocurrency has witnessed a sharp declination. However, in the previous month, rejection of the second attempt of Gemini founders for enlisting shares on their ETF by SEC resulted in the current situation. Gemini is a cryptocurerncy excxhange with Tyler Winklevoss and Cameron as founders.
The silver lining - Bakkt initiative
Morehead has commented, "The SEC has been very cautious with an ETF." He has informed, "The ETF rejection is the same story we've had for five years." However, amidst the panic stricken mood of the investors, Morehead has endeavoured to cheer them up. He has provided boost to the low spirited investors reminding them about the recently declared Bakkt initiative of Intercontinental Exchange in partnership with Starbucks and Microsoft.
He has described the event stating, "That's huge news." He has further commented, "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."
Referring to the constant price fluctuation of Bitcoin, he has defended it by stating, "It's all perspective," since with every passing year, Bitcoin has seen nearly 82% upsurge. Currently, the valuation of this digital is marked at $6,343.85 with a depreciation rate of 2.73%. The trading volume in the last 24 hours of this digital currency is $4.54 billion having market capitalisation of $109.11 billion.
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