Hedge fund Pantera Capital's CEO has told Bitcoin investors not to overreact to the recent ETF news. In an interview with CNBC's Fast Money, Dan Morehead claimed that the recent big announcement about the new Bakkt company is what they should be focusing on.
Morehead insisted that it would still be a while until a crypto ETF will be approved. For some long-term perspective, he pointed out that the last asset class that was approved for ETF certification was copper, which has "been on Earth for 10,000 years", but was only approved in 2012.
When asked what he was excited about in terms of cryptocurrency, he mentioned the recent announcement about Bakkt. With the support of Microsoft as well as Morehead's own company Pantera, he believes that this new crypto venture being launched by the NYSE's parent company will have "a very profound impact over the next five to ten years".
When asked about a floor in terms of price, he insisted that the $6,000 estimate based on mining costs couldn't necessarily be trusted, as mining companies might just operate at a loss for a while. He concluded by saying that, in a year's time, the price will be "much much higher than it is today".