With a market dominance of 48%, Bitcoin [BTC] has a huge impact on all the cryptocurrencies. The recent headline of the coin was related to VanEck-Solid X ETF decision which was postponed to 30th September. During an interview with CNBC, Dan Morehead, the CEO of Pantera Capital, spoke about the ETF.
Pantera Capital, one of the biggest cryptocurrency hedge fund firms in the world, focuses completely on projects related to blockchain technology. It was one of the first firms to provide cryptocurrency products in the U.S and drives towards increasing the blockchain adoption and innovation.
The CEO of Pantera Capital said that one of the main aspects to remember in the plunging market is that Bitcoin is like an early-stage venture with a real-time price feed. This is also a unique fact about the market and the people in the cryptocurrency space “get very excited” about the coins price.
Dan said that the recent ETF rejection “is the same story” that has been going on for 5 years. According to him, the SEC has been very cautious about approving a Bitcoin ETF.
He further spoke about the importance of an ETF for the success of Bitcoin. Dan states that it all depends on one’s perspective. Bitcoin has been seeing a rise of about 82% every year and is continuing to do better. According to him, the perspective a person in the cryptocurrency space should have is that Bitcoin is an early-stage venture and it has to first be a hedge fund.
The last ETF which was passed by the SEC was Copper in 2012 which has been around for more than 10,000 years and it is going take a long time for the Bitcoin ETF to be approved, said the CEO.
Joel Nogueira, a Youtuber says:
“Being delayed is better then being rejected… The ETF will bring higher and fast movement in the price of Bitcoin. Without them Bitcoin will still grow but slowly and healthier with retail investors and mass adoption. Still this is a heavily manipulated market.”
He further adds:
“I know nothing but those people working at SEC are really manipulating the market. They decide to delay the ETF because they knew doing that will dump the price. I’m pretty sure these same people are loading the pockets and preparing to enter the market just before the ETF approval. This is my theory.”
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