Dan Morehead, CEO of Pantera Capital, a hedge fund worth $1 billion in cryptocurrency, said in an interview with CNBC today, that he advises to buy Bitcoin now, because he predicts that its price will not become any lower.
“When a [cryptocurrency] breaks through its 200-day moving average, if you buy that day and sell a year later, you make an average of 239 percent … without even thinking about it …That's the essence of this trade: it rarely ever gets cheap to its long-term average. So today is a good day to be buying," Morehead explained.
Due to the large dive in the price of Bitcoin in the first quarter of 2018, there are relatively fewer new cryptocurrency hedge funds launched this year in comparison to 2017.
Morehead forecasts the outlook of cryptocurrency markets optimistically and mentions that there are many promising currencies, even as the initial price of Bitcoin (Bitcoin) dropped in the market, it remains quite active.
Regarding Altcoins, Morehead complimented on Augur Token as the next big thing built on Ethereum. Augur will go live with its peer-to-peer oracle and prediction platform.
Altcoin has a strong advisory team including Co-founder of Ethereum,Vitalik Buterin, Founder of Intrade & Tradesports, Ron Bernstein, CEO of Enlighted, Joe Costello, and Founder of Lightning, Elizabeth Stark.
By Nadya Astam