The CEO of Pantera Capital has predicted that the current crypto bear market could be turned around with the launch of Bakkt and Fidelity. Speaking at Bloomberg’s Institutional Crypto Conference in New York conference, Dan Morehead said that the projects could bring "an enormous amount of capital into the industry", according to the Daily Hodl.
Morehead claimed that these two new major platforms for institutional investment will be the key to the growth of the crypto market, enabling access to new sources of capital that the industry needs to move forward.
Regarding the issue of a Bitcoin ETF, the Pantera CEO said that these developments are "not news". Echoing the opinion of an increasing number of commentators, he claimed that the impact of an ETF approval from the SEC is being overestimated, and in any case it remains a long way off. He believes that the commission "doesn’t want widows and orphans buying Bitcoin ETFs. They don’t even know if Bitcoin is officially a security…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".