Bitcoin [BTC] – Dan Morehead says now is the best time to buy
In a recent interview with CNBC’S Fast Money yesterday, Dan Morehead, CEO of Pantera says that the best time to buy Bitcoin [BTC] is now. Pantera Capital has seen Bitcoin as a valuable investment and made a fortune out of BTC.
During the interview, Dan was asked about the institutional investors entering the space as a big catalyst and the way for them to invest.
The CEO said:
“I think there’s an image that there’s an On/Off switch. It’s Off now and they will flick it and the institutions will pile in. We have had institutional investors since 2013 and its a process. Obviously, risk and reward go together. A couple of years ago, there was a lot of risks but there was a lot of rewards.”
He further added:
“We have yet to get to the point. where we have an S.E.C custodian, but institutions are buying the rumour and selling the fact, -getting invested now so that in 3, 4, 5 months when the institutional quality regulated custodian that we are hearing about come on line, they will already have their positions.”
Pantera Capital Management is a firm and an investment hedge fund with concentrates mainly on tokens, projects, ventures related to the technology of blockchain, digital currency and digital assets. The company holds $1 billion in the market of cryptocurrencies.
When the CEO was asked whether he was active in trading around Bitcoin position and where does he see value in terms of the price level.
“In our view, all cryptocurrencies are very cheap right now, they are down, 65% from their highs. At the highs, everybody wants to get invested. It’s much cheaper to buy now and participate in the rally and goes, and there is a good technical indicator that we look at when the currency breaks through. Its 200-day moving average, if you buy that day and sell a year later, you make an average of 239%. It is a very simple strategy.”
Dan Morehead, runs one of the world’s largest crypto hedge funds. He is also the former head and CEO of Macro Trading at Tiger Management. He recently foretold that Bitcoin will be worth 10 or 100 times more of what it worths at the present.
AlphaSeeker, a Twitter user commented:
“Because he needs an exit….His fund is down over 50% in the last few weeks and he needs YOU to come in and BUY”
Robin Dirickx replied:
“His fund is averaging 25000% profit at the moment.”
Charles Thomas commented:
“Hilarious 🤣 but keep the fraud alive by constantly promoting it.”
“You asked ZERO hard questions of this guy. ZERO. #trading #cryptocurrency #fintech”
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