The CEO of crypto investment group Pantera Capital says Bakkt and Fidelity will become two key catalysts for the overall growth of the cryptocurrency market.
At Bloomberg’s Institutional Crypto Conference in New York, Dan Morehead said he expects the crypto trading platform Bakkt and Fidelity’s new crypto platform for institutional investors to bring a new wave of capital into crypto.
“When we look back at this five years from now, I think those are going to be the events that spurred an enormous amount of capital into the industry.”
The owner of the New York Stock Exchange, Intercontinental Exchange, is expected to launch its crypto exchange Bakkt this year, while Fidelity’s trading platform is already up and running.
According to Morehead, crypto investors focused on whether the U.S. Securities and Exchange Commission will approve a Bitcoin ETF are missing the big picture. Morehead says “an ETF is not news” and notes that if past is prologue, it’s far too early for the agency to give an ETF its seal of approval.
“The SEC doesn’t want widows and orphans buying Bitcoin ETFs. They don’t even know if Bitcoin is officially a security…
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.”
Moorehead says he expects institutional money to begin streaming into the crypto market in the first half of 2019.
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