Dan Morehead says investors shouldn't panic over the news

Dan Morehead, CEO of Pantera Capital, calls for calm in light of the delayed SEC decision on Bitcoin ETF saying that investors are 'overreacting'.

Bitcoin fell sharply on Wednesday after the SEC delayed a decision on a proposed bitcoin ETF, which would have been the first of its kind. The move follows the SEC's decision last month to reject a second attempt by Cameron and Tyler Winklevoss, founders of crypto exchange Gemini, to list shares of their own ETF.

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.

Dan Morehead, CEO of Pantera Capital

Morehead said that instead of panicking over the ETF news, investors should feel optimistic about Bakkt, the Intercontinental Exchange's cryptocurrency project with partners Microsoft and Starbucks.

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