“Bitcoin could plunge 50 percent next week, but the digital currency is likely to rise much higher in the long term,” Dan Morehead, CEO of Pantera Capital, says. “For the big blockchains like bitcoin, ethereum and ripple, we’re in the first innings of a multidecade thing,” he added. Bitcoin is, of course, “a risky investment that could easily plunge 50% next week,” said the former hedge fund strategist.
Morehead, who bought bitcoin when it was less than $100 per unit, predicted that bitcoin in the long term is likely to go much higher than $18,000 per unit.
“And there’s going to be some ups and there’s going to be some downs, but we’re still really early.”
Bitcoin could be “down 50 percent next week … where it was a month ago,” Morehead said. But in a year, “it’ll be much higher than it is today.”
Morehead began his career at Goldman Sachs as a mortgage-backed security trader, talks about bitcoin as “Digital gold.”
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