Pantera Capital: Buy bitcoin now while the price is still cheap, says the owner of hedge-fund cryptocurrency.
Cryptocurrency is cheap now, said Dan Morehead, founder of Pantera Capital Management. So this is a good time to buy.
Bitcoin is priced around $ 7,500 on Thursday at 5:30 pm. ET – down more than 50 percent from December 2017 highs around $ 19,500.
Bitcoin may have reached the bottom of this year, Dan Morehead, founder of Pantera Capital Management, told CNBC. So now is a good time to buy.
“All cryptocurrencies are very cheap today,” said Morehead, who serves as CEO and co-chief investment officer of Pantera.
Overall, cryptocurrency has declined by about 65 percent from their highest this year, he said.
“It’s much cheaper to buy now and participate in rallies as it goes,” Morehead said Thursday about “Quick Money.”
Bitcoin, one of the most popular cryptocurrencies, reached a high of $ 19,500 in December, just to dip under $ 6,000 in February. On Thursday night at 5:30 pm ET, bitcoin is priced around $ 7,500.
The volatile nature of all cryptocurrencies has made market watchers uneasy amid fears of looming regulation. Cryptocurrency is still a largely unregulated industry.
But this may benefit investors, Morehead said.
“Many institutions basically buy rumors [potential SEC regulations] and sell facts,” he said. “Getting investments now so in three, four, five months when the agency guards, which are governed by the quality, that we hear will be online, they will already have their positions.”
The tip for investors: Buy the currency after breaking the 230 day moving average, wait a year and sell.