October In October, Pantera Capital Company released an investor note written by Dan Morehead, CEO. Unlike many crypto investors who believe that the Bitcoin Exchange-Traded Fund (ETF) will send the value of crypto assets to the moon, Morehead explained that this could be a negative event and when it was officially launched he said he could “take some chips from the table.” . “
Bitcoin prices strengthened by ETF speculation, Dan Morehead discusses Bitcoin ETF approvals and potential negative effects
Bitcoin prices are much higher than last month Four days ago, Bitcoin.com News reported the possibility of Bitcoin Exchange-Traded Fund (ETF) approval at the end of the month. It has been said that ETFs approved by the US Securities and Exchange Commission (SEC) are more likely to be in late October and early November. Because of this higher probability, speculators believe that the price of BTC has been strengthened by the news.
Last Wednesday, Dan Morehead and his company Pantera Capital published a blog post called “The Next Price Era”. The blockchain investor’s letter discusses a number of issues, such as “update after half,” “price cycle,” and a special section that discusses Bitcoin ETF approval, “Buy Rumors, Sell Truth.” Morehead emphasizes that the line of thought (buy rumors, sell truth) is “definitely working in our place.”
“When he was chairman of the CFTC, Chris Giancarlo pointed to a wild that I didn’t put the two and the two together,” Morehead wrote. “All in 2017, the markets were rallying with the mantra ‘When CME lists Bitcoin futures, we’re going to the moon !!!’ Markets rallied – 2440% ** day ** futures listed. That was the top. One of those -83% beer markets started that day, “Pantera executive said. Morehead added:
We have recently repeated that cycle. The entire industry is revealed in Coinbase’s upcoming live list. On the day of listing, the Bitcoin market grew by 822%. Bitcoin reached $ 64,863 that day and a -53% beer market started. Can anyone remind me? [me] The day before the Bitcoin ETF officially launched? I might like to pick up some chips from the table.
North American Bitcoin ETF already exists in Canada, SEC approves Vault Crypto ETF
There has been a lot of discussion over the years about whether the exchange-traded fund in exchange for Bitcoin (BTC) will be beneficial to the market price. In 2017, Tariq Dennison, in an opinion piece published with Seeking Alpha, said, “Cryptocurrency ETFs will shift the focus to price estimates and higher volatility rather than productive applications of blockchain technology.” Bitcoin promoter Andreas Antonopoulos has even released a YouTube video called: “Bitcoin Q&A: Why I’m Against ETFs” on August 14, 2018.
Sputtlers believe that US-based bitcoin ETFs will allow investors to invest from the country and that the “real” bitcoin available through this fund will make the currency more scarce. On the other hand, some believe that the market value of Bitcoin (BTC) could change if the ETF is approved. Many investors believe that gold and silver ETFs were not conducive to the precious metals market and actually suppressed gold and silver prices. Although the US SEC has not yet approved Bitcoin ETFs, Canadian securities regulators approved three North American Bitcoin ETFs this past March.
The SEC Vault has approved the Crypto Industrial Revolution and Tech ETFs that do not contain crypto assets but rather track the “Bitcoin Industrial Revolution Company”. The ETF is listed on the New York Stock Exchange (NYSE) under the market ticker “BTCR”. Speculators speculate that the first Bitcoin ETF will be linked to the Bitcoin futures market offered by CME Group, the world’s largest financial derivatives exchange.
What is the opinion of Pant More Capital CEO Dan Morehead on Bitcoin ETF approval and what could happen next? Let us know what you think about this in the comments section below.
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