Pantera Capital Management Founder Urges Investors to Buy Bitcoin When it is Still Cheap
Buy Bitcoin when its Still Cheap
Pantera Capital Management founder Dan Morehead believes Bitcoin may have already reached its bottom this year making it the best time to buy. According to Morehead: “All digital currencies are very cheap at the moment.”
The crypto market has declined by more than 65 percent since their all-time highs in December 2017. Morehead believes it cheaper to buy now and participate in the rally when it begins. Bitcoin is the most popular digital currency and also the biggest according to the market cap. In December 2017 it hit its all-time highs of 19,500 dollars before dipping below 7,000 dollars in February 2018. Bitcoin is currently trading around 7,500 dollars.
The digital currency market is very volatile leaving the market watchers on the edge because of continuous regulatory concerns and threats. However, the market still remains highly unregulated with many regulators still trying to understand how the market works.
Morehead added that:
“There are many institutions which are buying the rumor of possible SEC regulations and selling the fact. Many are investing now so that in a few months’ time when the quality-regulated custodians which we are hearing about come online they will already have cemented positions in the market.”
He went on to advise investors to buy the digital currencies when they break the 230-day moving average then wait for at least a year before selling. The anther owner believes that: “Without thinking about it much you can make a percentage of 239.” He said that this is a proven strategy and best illustrated in Bitcoin because it has happened more than five times in the last six years.
Morehead concluded by stating that the importance of this trade is because it rarely gets cheap to its long-term average which has remained very strong.
Morehead founded Pantera Capital Management in 2013 and has remained to be one of the first-US bitcoin firms. Pantera owns more than 35 pre-auction ICOs and more than 25 liquid blockchain currencies which include Ethereum, XRP, and Bitcoin.