Dan Morehead, the founder and CEO of investment firm Pantera Capital, is confident that investors should focus on the long-term prospects of cryptocurrencies, and not get distracted by insignificant events. He believes that the reaction of digital currency market players to some news about bitcoin is excessively harsh and does not correspond to its significance.
He called for calm after the decision by the U.S. Securities and Exchange Commission (SEC) got postponed. He suggested that the regulator would approve the ETF soon. Morehead mentioned copper as an example, which has existed on the planet for 10,000 years, and was "the last asset class to get approved for ETF certification".
He added that the first cryptocurrency is at the development stage. In this case, its price can already be monitored in real time. The expert considers this a unique feature. At the same time, participants in the crypto market are excessively worried because of the way the rate of the cryptocurrency moves. Pantera Capital head also stressed that bitcoin is still 82% more expensive than a year ago.
Morehead called for paying attention to the preparations for the launch of the Bakkt platform, which is being handled by the operator of the New York Stock Exchange. Such events will influence the market in the next 5-10 years. Therefore, the expert is sure that you need to concentrate on them.
WHY IS IT IMPORTANT?
1. The crypto market is waiting for the SEC decision on the approval of the application for bitcoin-ETF. The other day it became known that the regulator postponed the hearing till September 30.
2. All news about bitcoin-ETF has a very strong effect on the cost of the first cryptocurrency. In the last couple of days, bitcoin has plummeted in price and is now trading at around $ 6,400.