Dan Morehead, CEO of Pantera Capital, a hedge fund focused on digital currencies, told CNBC that Bitcoin could lose 50 % before highs. Morehead bought Bitcoin at $ 72
While the statement looks bearish, Morehead actually told investors crypto-currencies toward a long-term view. He said:
"[Bitcoin could be] 50% drop next week … where it was a month ago, but in a year it will be much higher that & # 39; aujourd & # 39; hui ".
The statement is a reflection of Morehead's belief that the cryptocurrency asset class is just beginning development and will continue to grow. He clarified his opinions by saying:
"For big Blockchains like Bitcoin, Ethereum, and Ripple, we are in the early stages of a thing with multiple ranks and there will be highs and lows. "
Pantera Capital's digital currency hedge fund, founded in 2013, has grown by 60% in the last two months alone, and up more than 12,000 % since its creation.