Have you ever had a really bad day? Maybe you’ve done poorly on a big test at school, your co-workers mistreat you, or your car decides to stall in the middle of the road. You try your best to be civilized and remain stoic throughout the ordeal, but all the while, the anger and disappointment is building up inside you.
That’s when you arrive home, and something small happens. Maybe your significant other has left a dirty dish on the wrong side of the sink. It’s not a huge deal, but that’s when you decide to explode because the stress of the day has finally caught up with you.
Everyone Needs to Keep Their Cool
According to Dan Morehead – CEO of Pantera Capital – that’s exactly what bitcoin investors are doing. As a leading financial firm, Pantera Capital has worked hard to ensure the stability of crypto in an otherwise unstable arena. The company made headlines last July when it reported a massive five-year return on cryptocurrency investments, and many appear confident in the venture’s abilities to bring legitimacy to the digital asset space.
Morehead is speaking to the people who have stuck with bitcoin from the very beginning. There’s a solid handful of enthusiasts out there that seem to believe bitcoin and cryptocurrency will be the future of finance. Some even go so far as to suggest that crypto could outlive and replace fiat, and that all money across the globe will become digital, so when they hear news that the SEC is postponing its decision regarding VanEck’s bitcoin ETF, they’re about ready to hit the roof.
Looking at Things from All Angles
Morehead says this is a complete overreaction, and to a point, he’s right. The SEC is merely pushing its decision to a later date; it’s not saying “no.” Still, many individuals refuse to see otherwise, and Morehead says that staying calm and focusing on long-term goals are the only ways to ensure cryptocurrency remains a solid industry:
“I still think it will be quite a long time until an ETF is approved. The last asset class to be approved for ETF certification was copper, and copper has been on Earth for 10,000 years. The main thing to remember is that bitcoin is a very early-stage venture, yet has real-time price feed, and that’s a unique thing. People get excited about the price and overreact, but the ETF rejection is the same story we’ve had for five years. The SEC has been very cautious with an ETF.”
The lack of regulation has made it difficult for the SEC to approve any crypto-based ETFs, though investors can take comfort in the fact that while several applications have been rejected, the one belonging to VanEck has not. At press time, the SEC has scheduled its decision for September 30, and enthusiasts have less than two months to wait before they receive an official answer.
Focus on the Positive
Instead, Morehead is encouraging members of the crypto community to focus on the positive news that has popped up. For example, he says there’s plenty of reasons to get excited about Bakkt – the Intercontinental Exchange’s cryptocurrency project due out this November. The company has already managed to secure partnerships with companies like Microsoft and Starbucks, which says customers will soon be able to purchase drinks and merchandise with digital currency.
“That’s huge news. This is going to be a very profound impact over the next five or ten years for the markets, and, to my mind, that’s what people should be focused on.”
He assures investors that a bitcoin ETF is not the “last hope” for the father of crypto, and that good things are consistently happening in the space… They just need to keep their eyes open.