“I Need My Chips When Bitcoin ETF-Fund Secures Permission”, Says Dan Morehead of Pantera Capital
There are mixed opinions with regard to the Bitcoin ETF fund to be granted permission in the US. Some are suggesting that when the ETF fund is permitted, Bitcoin’s value will hit the moon. However, there are people who are thinking that there wouldn’t be any moon-going and Pantera Capital’s CEO, Dan Morehead is amongst one of those who wants to sit back and enjoy his chips while the event will be taking place.
Bitcoin is once again up and the value increase is attributed to an event that hasn’t yet taken place. It has been said that the Securities & Exchange Commission in the US is going to allow Bitcoin ETF-Fund and, hence, the surge. However, no such permission to date has been granted and people are assuming that SEC will grant permission before October 31, 2021. But does the grant of Bitcoin ETF-fund permission is such that it can significantly bolster Bitcoin’s value, is a million-dollar question. According to the majority of speculators, the news has the potential to send Bitcoin’s value to the moon.
But to the CEO of Pantera Capital, Dan Morehead, he is not convinced that there will be any moon-going. Instead, he thinks that the permission will bring upon negative impacts. He argued his viewpoint in a blog post which he published last week under the heading “The next price era”. Though the blog post is not Bitcoin ETF-fund oriented but it discusses in detail the outcome of the SEC’s approval, if it is granted.
Morehead suggested that currently there is a trend called “buy the rumor” which is being actively promoted for creating an “artificial surge”. However, when the conscience prevails, then people, on their own, deal with the rumor. But, in the meantime, they have been carried away by the thought that Bitcoin’s value is up. In addition, they think that when Bitcoin ETF-fund’s permission will be granted by SEC then Bitcoin’s value will be bolstered significantly.
However, Morehead denies speculation and instead believes that the impact of ETF-fund would be in the negative. He stated that when that moment will come he would want to sit in his sofa with a jumbo pack of chips. He reminded the time when in 2017 crypto markets were promoting the “CME-Bitcoin mantra”. Even at that time as well, people were hoping against the same hopes as of today. They thought when bitcoin futures option will be enlisted at CME then that will send Bitcoin’s value to the moon. Though Bitcoin futures were enlisted at CME, yet the hype and speculation did not happen except for the dip.
But the speculators as well as Morehead are actually forgetting that the SEC has not yet considered allowing any permission. So the future of Bitcoin’s ETF-fund lies with SEC and the questions of moon-going or the dip are irrelevant and nonsensical.