During a panel discussion at Bloomberg’s Institutional Crypto conference in New York City on October 15th, CEO of Pantera Capital, Dan Morehead, claims that a “Bitcoin ETF is years away.” While this seems to go against what would be beneficial for his company, it proves that he is objective and truly calls it how he sees it.
In Morehead’s opinion, the biggest challenge cryptocurrencies face is the attraction of institutional investors. He believes that if institutional investors are attracted to crypto markets, it will stimulate growth, enough so that the SEC will deem markets to be of special importance and solidity. He calls this “institutional inertia.”
When asked about the recent news regarding Bakkt and Fidelity, he replied that “he is confident that they will provide very good institutional custody/clearing solution.”
“Very few people know that the last asset class that was certified for an ETF was copper. It took three years, even though copper has been around for 8,000 years… So, I think an ETF is years away.” -Dan Morehead
While this news might not be exactly bullish Pantera Capital took a major bet on Bitcoin and has been buying it since 2013 when one Bitcoin was only $100.