DON’T PANIC — Pantera Capital CEO Remains Bullish Despite ETF Delay

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Many short-term crypto investors haven’t had the best time, with the collective valuation of all digital assets recently establishing a year-to-date low. However, some investors still hold a positive outlook on this nascent industry, including the CEO of Pantera Capital.

“Bitcoin Is Like A Very Early-Stage Venture”

Dan Morehead, the CEO of the crypto-centric Pantera Capital investment fund, recently made an appearance on CNBC “Fast Money” to discuss the current state of this fledgling industry.

Speaking more in regards to the market, Morehead brought attention to Bitcoin’s “real-time price feed.” Explaining more on what this meant, the Pantera executive added that traders often overreact to announcements, like the SEC’s verdict to delay the VanEck-backed Bitcoin ETF ruling.

For those who are unaware, Bitcoin tumbled over $750 in the past 48 hours, with many citing the SEC’s announcement as a primary catalyst to this devastating pullback.

Elaborating on the previous comment, Morehead stated:

“I think that the main thing to remember is that Bitcoin is like a very early-stage venture, but it has a real-time price feed… People get really excited about the price and overreact to announcements. There’s been a couple of big things coming out in the last week, (including) the ETF rejection.”

The investor went on to add that this is one of the many times that the SEC has delayed a Bitcoin ETF, so he reckoned that this verdict shouldn’t have been interesting in the eyes of traders.

Dan Morehead: Crypto Hedge Funds Before An ETF

While the CEO holds a bullish outlook, noting that Bitcoin is up 82% year-over-year, he doesn’t see a crypto-focused ETF as important as some cryptocurrency proponents paint it to be.

Staying in-line with his firm’s product lineup, Morehead added that crypto hedge funds are the way to go, or at least while this asset class remains in its infancy. He went on to bring up his own firm as an example, adding that Pantera has looked at ETFs and “a lot of different products,” but decided that a hedge fund structure would be the best way to encapsulate the industry.

Closing off the crypto segment on this Fast Money episode, the CNBC panelists asked the industry leader what he thinks the next catalyst is for this nascent market. Morehead took some time to point out the cryptocurrency-related news regarding the NYSE’s parent company.

As reported by Live Coin Watch previously, the Intercontinental Exchange, dubbed ICE by some, recently announced the creation of a new cryptocurrency platform. Bakkt, the name assigned to this newfangled company, will also be backed by Microsoft and Starbucks.

Firstly, Bakkt intends to offer crypto-to-crypto and crypto-to-fiat trading support. As the platform matures and grows in influence and size, the conglomeration of firms behind the platform hope to offer a “scalable on-ramp for institutional, merchant and consumer participation” in this industry. As a press release issued by ICE notes, the first Bakkt product/service could go live as soon as November of this year, on the condition that this newly-founded firm receives approval from the CFTC.

Pantera’s CEO expects that this platform will have a “very profound impact over the next five or ten years for the markets.” Later adding that this piece of bullish news is what investors should be focusing on, not the SEC’s most recent attempt to knock down a Bitcoin-backed ETF.

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