Pantera Capital CEO Says Bitcoin May Fall 50 Percent Before Record-High RecoveryDecember 21, 2017 4:30 pm
Speaking to CNBC Thursday, Dan Morehead, CEO of Pantera Capital, a hedge fund focused on digital currencies, says Bitcoin may fall 50 percent before reaching new highs, Cointelegraph reported.
Morehead believes investors need to show long-term vision, the report 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.” – Dan Morehead, CEO Pantera Capital
Morehead, who purchased Bitcoin at $72, believes the cryptocurrency asset class is just beginning development and will continue to grow, the report said.
“For the big Blockchains like Bitcoin, Ethereum and Ripple, we’re in the first innings of a multidecade thing,” Morehead said. “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 percent in the last two months alone, and up more than 12,000 percent since its creation.
– WN.com, Jack Durschlag