Dan Morehead, CEO of Pantera Capital, an investment firm geared towards ventures, tokens,blockchain tech, and cryptocurrency, has bad news for crypto enthusiast waiting for the saving grace of a Bitcoin ETF.
According to Morehead, approving any ETF is not a simple procedure and Bitcoin has not been established long enough to get an ETF approval. He has cited that the last asset class that was certified for an ETF was copper.
Morehead stated during a panel discussion at Bloomberg’s Institutional Crypto conference in New York City on October 15, 2018:
“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…So, I think an ETF is years away.”
Addressing during the panel, the concerns that it is the regulating bodies stirring up trouble for the crypto industry, Morehead believes that the fault lies at “institutional inertia.”
Morehead explained how the stagnation in Bitcoin use, is the markets largest detriment:
“I’d say the biggest gaping factor is simply institutional inertia, right? Like most of the people in this room don’t have to do anything with Bitcoin today… The blockchain space is super viral. Like, once you own a tiny bit of it, then you start buying a lot of it, and you get all your friends to buy it, and you get your colleagues and peers in your industry to buy it…”
While many investors are still wary of this nascent industry, Morehead explained that with any chance in any field, in order to succeed you have to be open to risk. He did expand on that by saying the cryptocurrency investments are becoming more secure as the market ages, and due to the technical experts involved in the crypto and blockchain ecosystem.