Dan Morehead, CEO of Pantera Capital, a hedge fund focused on digital currencies, has told CNBC that Bitcoin may drop 50% before pushing to new highs. Morehead purchased Bitcoin at $72.
While the statement appears bearish, Morehead was actually pointing investors in cryptocurrencies toward a long term vision. He said:
“[Bitcoin could be] down 50 percent next week ... where it was a month ago, but in a year, it'll be much higher than it is today.”
The statement is reflective of Morehead’s belief that the cryptocurrency asset class is just beginning development and will continue to grow. He made his opinions clear, saying:
"For the big Blockchains like Bitcoin, Ethereum and Ripple, we're in the first innings of a multidecade thing. And there's going to be some ups and there's going to be some downs, but we're still really early.”
Pantera Capital’s digital currency hedge fund, founded in 2013, is up 60% in the last two months alone, and up more than 12,000% since its creation.
Source Page: https://cointelegraph.com/news/early-bitcoin-investor-says-bitcoin-could-drop-50-before-going-higher
That is good to know. I am trying to do as much research into bitcoin as I can. I am still very new to cryptocurrencies and have commented multiple times on how unstable it seems to me. If I were to invest, I would need to find
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Hi Superbuckles! It is good to know that you are researching cryptocurrencies. An informed investor is always a safe investor. I have been investing into cryptocurrencies for an year now and I have minted a cool profit. It is good and crypto has a very bright future.
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That is good to know! Mining isn’t really my strong suit, since I don’t have a good computer to do it with and don’t have the resources to get one, but I may look into
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