In the Remainder of the Year Hedge Fund CEO Looks for Big Gains
Dan Morehead, CEO of Pantera capital management LP cryptocurrency hedge fund went again to talk about the Bitcoin future and the state of the cryptocurrency space. Morehead who is always bullish on cryptocurrency anticipated some big returns for 2018 including Bitcoin regaining its maximum value from 2017 in the next twelve months.
In his seven years of trading in cryptocurrency Morehead had recently made only his fourth buy anticipation when Pantera issued a notice to its investors to buy when Bitcoin dipped to what he called its ultimate low at 6,500. It’s gained and held over $2,000 since then but still, Morehead told Bloomberg it is a screaming buy today.
Bitcoin had shed its skanky reputation and this was attracting more institutional interest which would drive prices up across the entire space, Morehead asserted. He continued saying,
Obviously, we’re very bullish on the space. We think we’re way below, maybe an order of magnitude or two below the real fundamental fair value of blockchain, the industry as a whole is $400 billion. It easily could go to $4 trillion, and $40 trillion is definitely possible.
When he said at the height of the mid-December trading frenzy that Bitcoin could lose half of its value at the beginning of the new year, Morehead’s acumen at reading the volatile crypto market was proved out. After which, Bitcoin, and almost all other cryptocurrencies slipped into a bear market that we are just coming out of now.
Pantera Capital handles an estimated one billion dollars in assets of which 10 percent is in Bitcoin. When asked about Pantera’s investment breakdown Morehead revealed that presently their biggest position is in the Korean Blockchain Icon.