Pantera CEO would like to remember a memory the day before the introduction of a US bitcoin ETF-I might want to take a few chips off the table-
Pantera CEO would like to remember a memory the day before the introduction of a US bitcoin ETF-I might want to take a few chips off the table-
On October 6, Pantera Capital published an investor announcement by Dan Morehead, the company's CEO. In contrast to the countless crypto investors who believe that a Bitcoin Exchange Traded Fund (ETF) will send the value of the crypto assets to the moon, Morehead explains that this could be a negative event, and when it comes to the market, he said that he "may want to take something". Chips from the table. ”
Bitcoin price is supported by ETF speculations, Dan Morehead discusses a Bitcoin ETF approval and possible negative effects
The price of Bitcoin (btc) is much higher than in the last month when the crypto-asset on Monday morning (EST) reached a maximum of 57.093 USD per unit. Four days ago, Bitcoin.com news reported the possibility that a Bitcoin Exchange Traded Fund (ETF) will be approved by the end of the month. It was that the probability of an ETF will be high by the US stock exchange supervisory authority SEC by the end of October and early November. Because of this greater probability, speculators btc ’s price was supported by the news.
Last Wednesday, Dan doahead and his company capital of Pantera published as blog entry Price era ”. The blockchain investor letter deals with a number of topics such as a "post-halving update", "price cycles" and contains a certain section in which a Bitcoin ETF entitled "Buy the Rärt, sell the fact". Morehead emphasizes that the way of thinking (buying the rumor, selling the fact) "definitely works in our area".
"When he was the chairman of the CFTC, Chris Giancarlo pointed out a wild idea in which I hadn't counted two and two," wrote Morehead. "All year 2017, the markets recovered with the mantra 'When the CME Bitcoin futures lists, we fly to the moon !!!' The markets recovered-2,440% to ** exactly days ** noted. That was the top. One of these -83% bear markets started on this day," said the patch manager. Added more head:
We recently repeated this cycle. The entire industry indulged in the upcoming direct notification of Coinbase. The Bitcoin market rose by 822%on the day of listing. On this day, Bitcoin reached a high of $ 64,863 and a bear market of -53% began. Will someone please remind [me] the day before the official start of the Bitcoin ETF? Maybe I want to take a few chips off the table.
North American Bitcoin ETFs already exist in Canada, SEC approved Volt Crypto-ETF
Over the years there have been many discussions about whether a stock market -traded fund is connected or not bitcoin (btc) would be advantageous for the market price. In 2017 Tariq Dennison in a Opinion Published with Seeking Alpha, says that a "cryptocurrency ETF would draw attention to price speculation and higher volatility instead of productive applications in blockchain technology." Bitcoin Evangelist Andreas Antonopoulos has even published a YouTube video with the title: " Bitcoin Q & A: Why I against ETFS bin " on August 14, 2018.
Speculators believe that a Bitcoin ETF, based in the USA, would enable investors from the country to invest, and “real” bitcoins would be preserved from these funds, which makes the currency even more scarce. On the other hand, some believe that the market price of Bitcoin (btc) could be manipulated if an ETF is approved. Many investors believe that gold and silver ETFs were not helpful for the precious metal markets and actually pressed the gold and silver price. Although the US SEC has not yet approved Bitcoin ETF, three North American Bitcoin-ETFS from Canadas Securities supervisory authorities.
The sec has the volt crypto industry revolution and tech ETF who does not hold crypto assets, but pursues "companies in the Bitcoin industry revolution". The ETF is listed at the New York Stock Exchange (NYSE) under the "BTCR" stock market ticker. Speculators The first bitcoin ETF will be assumed Bitcoin futures markets are bound, which are offered by the world's largest financial derivative exchange CME Group.
What do you think of the opinion of the CEO of Pantera Capital, Dan Morehead, to admit Bitcoin ETFs and what could happen afterwards? Let us know your opinion on this topic in the comments below.
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