Founder of Pantera Capital Management, Dan Morehead, says it’s a good time to buy.
Bitcoin may have reached its bottom this year, Dan Morehead, founder of Pantera Capital Management, told the press. So now is a good time to buy.
“All cryptocurrencies are very cheap right now,” said Morehead, who serves as CEO and co-chief investment officer of Pantera.
As a whole, cryptocurrencies have declined about 65% from their highs this year. “It’s much cheaper to buy now and participate in the rally as it goes,” Morehead said.
“Many institutions are essentially buying the rumor (of potential SEC regulations) and selling the fact,” he said. “Getting invested now so that in three, four, five months when the institutional, quality-regulated custodians that we’re hearing about come online, they’ll already have their positions.”
His tip for investors: Buy a currency once it breaks its 230-day moving average, wait a year and sell. “Without even thinking about it,” Morehead said, “you make an average of 239%.”
Pantera Capital Management, which Morehead founded in 2013, is one of the first U.S. bitcoin firms. The company owns about 35 pre-auction ICOs and about 25 liquid blockchain currencies, including XRP, Ethereum and Bitcoin.
