Head Of Pantera Capital Criticizes Excitement Over Bitcoin-ETF
Dan Morehead, the chief of the company Pantera Capital, is convinced that the sensational bitcoin-ETF will not receive approval from the Securities and Exchange Commission (SEC) soon. In his opinion, this excitement over the recent news about the bitcoin-fund traded on exchanges (ETF) is an overreaction.
As it was revealed on Wednesday, August 8, the SEC deferred considering the application for launching Bitcoin-ETF. The idea to create a fund that would sell shares for possession of bitcoins, was offered by two New York-based companies SolidX and VanEck. The Commission rescheduled giving the verdict on the project until September 30.
The lack of approval by the SEC triggered a drop in the bitcoin's rate. On August 8, the token's price lowered to $6504, and on Thursday, August 9, the value of the cryptocurrency was adjusted to $6376. Concerning this, Dan Morehead added that the current bitcoin’s rate is 82% higher than in August 2017. In addition, Morehead noted the possibility to monitor the cryptocurrency’s rate in real time, calling the option unique.
The head of Pantera Capital is sure that cryptocurrency is still in the early stage of development, and the community is too concerned about the cost of bitcoin, paying much attention to things of low importance. Instead, the businessman suggests taking interest in the forthcoming launch of Bakkt, a cryptocurrency ecosystem.
The new project, Bakkt, is designed as a global ecosystem for digital assets trading, which involves experience of Microsoft and Starbucks. The US regulators will control the crypto platform.