Dan Morehead: panic around the SEC decision is not justified
CEO of Pantera Capital Dan Morehead said that the market decline on the background of the adjournment by the SEC issue a bitcoin ETF is just an overreaction of investors.
He noted that the bitcoin ETF will most likely not povnitsa in the near future, but this should not provoke the fall of the market. Investors and traders used to panic every time there is negative news, but this panic was not justified.
“The Commission is very careful with ETFs. I believe that it will take a lot of time prior to the approval of first bitcoin ETF. The last asset class that has been approved by ETF, it’s copper. But the copper exists on the earth for 10 thousand years. So I think bitcoin ETF still has a good chance.”
Morehead also added that eyestorm better to focus on positive news recently: the creation of a platform for trading digital assets Bakkt Commonwealth companies Intercontinental Exchange, Microsoft and Starbucks.
“This is major news… it will have a very big impact on the markets over the next 5-10 years, in my opinion, this is what people should be focused now.”
We will remind that the Commission on securities and exchange Commission (SEC) postponed the hearing on the filings and CBOE VanEck/SolidX launch a bitcoin ETF. This led to the collapse of the bitcoin to $6227.