Bitcoin Back to Top Score Soon
February 12, 2018
Dan Morehead, CEO of Pantera Capital hedge fund, believes Bitcoin to reach its peak points in the coming weeks and continue growing on.
“There's such an institutional appetite to get exposure to this. It's a half-a-trillion-dollar asset class that nobody owns. That's a pretty wild circumstance. And bitcoin is still so underowned by institutional investors that it trades at its own beat”, he said to CNBC.
Pantera Capital fund with larger share of its funds in Bitcoin has made it last year due to manifold cryptocurrency rate growth so the volume of assets owned by the fund had exceeded $2 bln by the middle of December. Investors took active interest in the hedge fund so they had to increase charges.
“We're certainly aware it's a very speculative market. It's volatile on the upside. It can be volatile on the downside”, Morehead pointed out.
At the end of last December Morehead claimed Bitcoin to drop by 50% and go up several times afterwards. Well, the first half of the forecast has already come true.
Why Bitcoin is to start growing in some weeks already? Morehead has stated bear market today to last 71 days while the one for Bitcoin takes 52 days.
“It seems like another couple of weeks and everything will be normal and [bitcoin] can start growing back up again”, he deduced.
As for his plans on the hedge fund, Morehead asserted, one has to shift their focus to new-protocol tokens or low hardcap ICO though the fund is trading the most popular cryptocurrencies at the moment.