CEO of Pantera Capital, Dan Morehead, a hedge fund concentrating on digital currencies, has told CNBC that Bitcoin might drop 50% before crossing the new high. Dan purchased Bitcoin when it was trading at $72.
Dan was actually pointing out the investors in the cryptocurrencies world towards a long-term vision.
“[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 Dan’s belief that the cryptocurrency asset class is starting the development and will continue to grow.
He made sure through his opinion by describing:
“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.”