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The Best Time to Buy Digital Currencies is Now, Says Major Crypto Fund Founder

Posted on juni 1, 2018 by Blockchain News

The Best Time to Buy Digital Currencies is Now, Says Major Crypto Fund Founder

The Best Time to Buy Digital Currencies is Now, Says Major Crypto Fund Founder

Dan Morehead, founder and CEO of the $1 billion crypto hedge fund Pantera Capital Management claimed that virtual currencies are really affordable at the moment and there might not be a better opportunity to acquire them.

Speaking to CNBC, the investor said that all cryptocurrencies have contracted by approximately 65%, following a huge surge in price that reached its peak in December. Thus, according to Mr. Morehead, investors should take advantage of relatively low prices and gear up for another price spike.

Also serving as a co-investment officer of the hedge fund, he claimed that, “All cryptocurrencies are very cheap right now. It’s much cheaper to buy now and participate in the rally as it goes.“

He also went on to share some insights into long-term crypto investment strategies, saying that, “When a cryptocurrency breaks through its 200-day moving average, if you buy that day and sell a year later, you make an average of 239 percent … without even thinking about it. That’s the essence of this trade: it rarely ever gets cheap to its long-term average. So today is a good day to be buying.”

According to Mr. Morehead this strategy has proven particularly successful when trading bitcoin, as it has worked “about five times in the last six years.” Bitcoin has certainly had an interesting first half of the year as its price plummeted from previous heights of nearly $20,000 to levels below $6000 in February. BTC has somewhat rebounded since then and is trading at around $7425 at press time.

The total market cap of all digital currencies mimicked the bitcoin pattern, peaking at $830 billion and then plunging underneath the $250 billion mark. At press time, the total market capitalization is hovering just below the $330 billion mark.

Mr. Morehead was also questioned about the regulation and the overarching discourse within the crypto sphere that institutional investment will be the next milestone for the crypto markets that will elevate them into new heights.

However, he was less enthusiastic about such statements, claiming that, “We’ve had institutional investors since 2013 and it’s a process. Risk and reward go together… but we’ve yet to have an SEC-regulated custodian, which is the silver bullet everyone’s waiting for.“

Mr. Morehead has also revealed his favourite coin right now, which is Augur, the ethereum-based Dapp, scheduled for a launch in late summer of 2018.

Pantera Capital is one of the first American bitcoin companies and currently owns around 35 pre-auction ICOs and 25 liquid virtual currencies, including bitcoin, ethereum, ripple, zcash and omisego among others.

Image Source: “Flickr”

The post The Best Time to Buy Digital Currencies is Now, Says Major Crypto Fund Founder appeared first on Toshi Times.


Source: Toshi Times
Original Post: The Best Time to Buy Digital Currencies is Now, Says Major Crypto Fund Founder

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