Dan Morehead: investors overreact to news on the bitcoin ETF

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The founder of the cryptocurrency hedge Fund Pantera Capital Dan Morehead (Dan Morehead) said that the decision by the Commission on securities and stock exchanges of the USA (SEC) will take a long time, and investors shouldn’t overreact to negative news.

As recalled by Morehead, the latest asset class to be certified by the SEC, was copper, and “it is present on Earth for 10 thousand years,” he said.

“It is important to remember that bitcoin is a very young company, but has the quotes flow in real time, and this is a unique thing. People are excited and overreacting,” said Dan Morehead.

Bitcoin price fell sharply after the transfer to the September decision by the SEC VanEck SolidX Trust were considered to be the most solid candidate for the approval of first bitcoin ETF. The market reaction to the deviation already the second application to launch exchange traded Fund based on BTC the Winklevoss brothers were not as sharp.

According to Morehead, instead of panicking from the news on the ETF, investors should pay attention to Bakkt — cryptocurrency project Intercontinental Exchange in partnership with Microsoft and Starbucks, announced in early August.

“This is big news. It will be very deep to affect the market over the next 5 or 10 years, and, in my opinion, this is what people should be focused,” said Dan Morehead.

Earlier, the founder of Pantera Capital, expressed confidence that someday capitalization of the stock market will reach $40 trillion.

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