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Pantera CEO wants a reminder the day before a US Bitcoin ETF is launched – “I might want to take a few chips off the table” – Bitcoin News

On October 6th, Pantera Capital released an investor announcement from Dan Morehead, the company’s CEO. Contrary to the myriad of crypto investors who believe that a Bitcoin Exchange Traded Fund (ETF) will send the value of the crypto asset to the moon, Morehead explains that this could be a negative event, and as it is officially on the Market is coming, he said, he “might want to take something”. Chips from the table. “

Bitcoin price is backed by ETF speculation, Dan Morehead discusses Bitcoin ETF approval and possible negative effects

Bitcoin’s price (BTC) is much higher than it was last month when the crypto asset hit a high of $ 57,093 per unit on Monday morning (EST). Four days ago, Bitcoin.com News reported the possibility of a Bitcoin Exchange Traded Fund (ETF) being approved by the end of the month. It has been said that the likelihood of an ETF being approved by the US Securities and Exchange Commission will be high by late October and early November. Because of this higher likelihood, speculators believe that the price of BTC was supported by the news.

Last Wednesday, Dan Morehead and his company Pantera Capital published a blog post entitled “The Next Price Era”. The Blockchain Investor Letter covers a number of topics like a “post-halving update”, “price cycles” and has a specific section that covers a Bitcoin ETF called “Buy the Rumor, Sell the Fact”. Morehead insists that the mindset (buy the rumor, sell the fact) “definitely works in our field”.

Pantera CEO would like a reminder the day before a US Bitcoin ETF is launched - Image via Pantera Capital’s blog post entitled “The Next Price Era”.

“When he was the chairman of the CFTC, Chris Giancarlo pointed out a wild idea that I didn’t put two and two together,” Morehead wrote. “Throughout 2017, the markets rallied with the mantra, ‘If the CME lists Bitcoin futures, we’ll go to the moon !!!’ The markets rebounded – 2,440% to ** exact days ** quoted on the futures. That was the top. One of those -83% bear markets started that day, ”said the Pantera manager. Morehead added:

We recently repeated this cycle. The entire industry reveled in Coinbase’s upcoming direct listing. The bitcoin market rose 822% on the day it was listed. Bitcoin hit a high of $ 64,863 that day and a -53% bear market began. Will someone please remind you [me] the day before the official start of the Bitcoin ETF? I might want to take a few chips off the table.

North American Bitcoin ETFs already exist in Canada, SEC approves Volt Crypto ETF

There has been much debate over the years as to whether or not a Bitcoin (BTC) linked exchange-traded fund would be beneficial for the market price. In 2017, Tariq Dennison said in an opinion piece published on Seeking Alpha that a “cryptocurrency ETF would divert attention to price speculation and higher volatility, rather than productive uses of blockchain technology.” Bitcoin evangelist Andreas Antonopoulos even published a YouTube video on August 14, 2018 with the title “Bitcoin Q&A: Why I’m Against ETFs”.

Speculators believe that a US-based Bitcoin ETF would allow investors out of the country to invest, and “real” bitcoins would be received from these funds, which would make the currency even scarcer. 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 to the precious metals markets and actually drove the price of gold and silver down. Although the US SEC has not yet approved a Bitcoin ETF, three North American Bitcoin ETFs were approved by Canada’s securities regulators last March.

The SEC has approved the Volt Crypto Industry Revolution and the Tech ETF, which does not hold any crypto assets but instead pursues “Bitcoin Industry Revolution Companies”. The ETF is listed on the New York Stock Exchange (NYSE) under the ticker “BTCR”. Speculators believe the first Bitcoin ETF will be tied to Bitcoin futures markets offered by the world’s largest financial derivatives exchange, the CME Group.

What do you think of the opinion of Pantera Capital CEO Dan Morehead regarding the approval of Bitcoin ETFs and what could happen afterwards? Let us know what you think on this matter in the comments below.

Tags in this story

Bitcoin, Bitcoin (BTC), Bitcoin etf, Bitcoin Exchange Traded Fund, CFTC, Chips off, Chips off the Table, Chris Giancarlo, Cycles, Dan Morehead, Dan Morehead Note, ETF, ETF Approval, Exchange Traded Fund, Gold ETF, North American Bitcoin ETFs, Pantera, Pantera Capital, Pantera Investor Note, SEC, SEC Approval, Silver ETF, Suppressed Prices, US SEC, Volt Crypto ETF

Photo credit: Shutterstock, Pixabay, Wiki Commons, Pantera Capital,

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