Dan Morehead, CEO of Pantera, in a recent interview told all interested in trading cryptocurrencies that the best time to buy Bitcoin (BTC) is now as the crypto-coin has hit the bottom for this year.
Pantera Capital Management is a San Francisco-based firm and an investment hedge fund that focuses on tokens, projects, and ventures related to blockchain technology, digital currency and digital assets. Pantera that views Bitcoin as a valuable investment and has made a fortune out of the token holds $1 billion in the market of cryptocurrencies.
Bitcoin which is the leading and even the first cryptocurrency topped $20,000 as of December 17 last year. However, in February this year, the gold standard of the crypto tokens dropped to levels below $6,000. It then kept falling back and forth to regain stability. As of June 1, Bitcoin is trading at $7,507.72, which means it was down 0.34 percent in 24 hours.
In an interview with CNBC’s Fast Money, Morehead was asked about Bitcoin trading and his thought on the value in terms of price level. Pantera Capital’s founder and CEO is of the opinion that this is the best time of the year to buy Bitcoin and all other cryptocurrencies.
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.
Buy before institutional investors arrive
Since the cryptocurrency market is very volatile, buyers are reluctant to buy even though sellers seem very much in charge. However, as per Morehead, it is best to invest now before the entry of the group of institutional investors. So, when the quality-regulated custodians arrive on the scene, you will already have your position.
Before you take a plunge and decide to buy Bitcoin and other cryptocurrencies, it must be mentioned here that Pantera is one of the foremost U.S. Bitcoin firms owning approximately 35 pre-auction ICOs and nearly 25 liquid blockchain currencies. The company is hence a group that has vested interest in cryptocurrencies. It is now up to you to decide whether to agree with Morehead or not.[The views and opinions expressed in this article are those of the authors and do not necessarily reflect the views and/or the official policy of the website. ]