Bitcoin to Fall by 50%
December 22, 2017
Dan Morehead, CEO of Pantera Capital, a hedge fund focused on digital currencies, said that Bitcoin could drop by 50% before it began to rise to new highs. Morehead bought Bitcoin at $72.
While nowadays the statement seems pessimistic, Morehead actually shows the investors the long-term potential of the cryptocurrency. He said: "[Bitcoin may fall] by 50 percent next week ... for a week low, but in a year its price will be much higher."
The statement reflects Morehead's opinion that the class of cryptocurrency assets is only beginning to develop and will continue to grow. He expressed his opinion, stating:
"As for large blockchains, such as Bitcoin, Ethereum and Ripple, we are in the first stages of a long development of many years. And, naturally, there will be both ups and downs, but the fact is that now we see only the dawn of the cryptocurrency."
Pantera Capital's hedge fund, established in 2013, has grown by 60% over the past two months and has grown more than 12,000% since its inception.
It is worth noting that it is necessary to trust specialists cautiously. Nobody really knows what the cryptocurrency boom will lead to ... Both in a good sense and vice versa.