According to Dan Morehead, focusing on the Bitcoin (BTC) ETFs right now is a waste of time and effort. He believes that it is still too early to have ETFs approved and that this focus should be directed at Bakkt since it will be a much bigger deal in the long run.
Stop talking about ETFs
Ever since the SEC started receiving requests for Bitcoin (BTC) ETFs, the entire crypto space got very excited about the possibility of having them approved. This has reflected strongly on the price of cryptos as well, as many coins, led by BTC itself, went through a significant price increase.
However, while the SEC did not reject all of these requests, they certainly did destroy the initial excitement by delaying their decision. These reports also reflected on the prices, and cryptos fell right back to where they were before the initial excitement took place. One thing that many often forget, however, is that the ETFs, while important for the further development of the crypto world, are not the only big crypto-related thing that is going on right now.
According to Pantera Capital’s CEO, Dan Morehead, the investors need to forget about the ETFs for now and focus more on a new crypto venture called Bakkt. Bakkt has a potential to tap into numerous companies and brands and to make use of their expertise. It even has a potential to become a real game-changer for the entire crypto market. Additionally, considering that some pretty big and reputable names are behind it, Bakkt can also inspire trust in institutional investors, and finally, bring many of the more careful ones to the crypto space.
Because of that, Morehead’s idea is to stop focusing on the ETFs of today and focus on Bakkt more. If everything goes according to plans, there will come a day when Bakkt will be able to facilitate as many BTC ETFs as necessary. However, to do that, it has to kick off first, and it needs the investors’ help to do it.
Bakkt needs patience, but it is worth it
In his recent interviews, Morehead stated that the new approaches to issues that are bothering the SEC are not good enough to convince them to allow BTC ETFs. Because of that, all the effort behind these requests might end up being for nothing. Even though the SEC has postponed making the decision, Morehead doesn’t believe that anything good will come out of it.
He also stated that ETFs will likely not arrive anytime soon. He compared cryptos to copper, stating that copper was the last asset to get ETF approval, and that is a resource that has been on Earth for thousands of years. Cryptos, however, have been around for only 9 years now, and so he doesn’t believe that they will see that kind of breakthrough just yet.
He then decided to focus everyone’s attention on another big news regarding the crypto world, which is the creation of Bakkt. ICE, the parent company of NYSE, decided to launch a new crypto platform in collaboration with some pretty large names. Those include Microsoft, Starbucks, and more. This is a huge deal for the crypto space, and it will bring significant changes over the next few years. Even if it takes an entire next decade, the crypto world will be a very different place due to the creation of this platform.
This is why Morehead believes that Bakkt is the project that should get all the attention now. It is important to remember that, while Bakkt does promise some big changes, they will take time to arrive. Bakkt can be seen as a project that is playing the long game, and as such, it requires patience and dedication. So far, the project has received its fair share of attention and support, but it can always use more.
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Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and/or its affiliates, employees, writers, and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own thorough research before investing in any cryptocurrency and read our full disclaimer.
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