Pantera Capital: next week the price of bitcoin falls by 50%

Dan Morehead (Dan Morehead), cryptocurrency investor, President and founder of Pantera Capital, told CNBC that the next week is the last week before the New year, the price of bitcoin could fall by 50% — to the lowest level since early November.

This statement looks a little strange on the background of recent news that belonging to his company’s cryptocurrency hedge Fund Pantera Bitcoin made record profits in 25 004%! Perhaps, after fixing such excellent results, the company wants to repeat the success for which it would be extremely useful temporary collapse of cryptocurrencies? Later Morehead added that ultimately, bitcoin will significantly exceed its current value.

The largest blackany such as Bitcoin, Ethereum and Ripple are still young players in a race that will last for many decades, said Morehead, who first bought bitcoin at a price of $ 72. He stressed that such a young currency will inevitably face a sharp rise and fall in price. He predicted that next year bitcoin price will be much higher than it is now.

Observer veteran

Morehead financial career began at Goldman Sachs from trading in securities secured by mortgages. He also worked as financial Director in charge of macroeconomic operations in the hedge Fund Tiger Management, founded by investor Julian Robertson (Julian Robertson).

Morehead Pantera Capital opened in 2003 to work with institutional investors. 10 years later, the company launched its first cryptocurrency Fund. Only for November and December the Fund grew by 60%.

Morehead said that the volume of cryptocurrency mining are growing rapidly. However, he believes that mining in recent years has become more competitive and complex. He is still optimistic about bitcoin and considers the cryptocurrency a «digital gold».

Many hope that the recent launch of futures on bitcoin one step closer to turn your digital currency into a legitimate asset class, while others simply believe the bitcoin bubble, and futures — a way to bet against it.

ICO Morehead

In June, Morehead said that he wants to raise $ 100 million by the end of summer to focus solely on ICO. The Fund has already collected $ 35 million. Pantera considers each project individually and have already invested in ICO such as Ox, FunFair, Omise and Civic.

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