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Pantera Capital: next week the price of Bitcoin will drop by 50%


Dan Morehead, a Cryptocurrency investor, president and founder of Pantera Capital, told CNBC that next week, that is, the last week before the New Year, the price of Bitcoin could drop 50% to its lowest level since early November. This statement looks a bit strange on the background of the recent news that the company's hedge fund, Pantera Bitcoin, owns a record profit of 25,004%! Perhaps, after fixing such an excellent result, the company wants to repeat the success, for which it would be extremely useful for a temporary collapse of the Cryptocurrency? Later Morehead added that eventually Bitcoin would far exceed its current value.

The biggest blockchain players, such as Bitcoin, Ethereum and Ripple are still young players in the race, which will last for many decades, said Morehead, who first bought Bitcoin at a price of 72 dollars. He stressed that such young currencies will inevitably face a sharp rise and fall in prices. He predicted that in a year the price of Bitcoin would be much higher than now. 

Morgan's financial career began at Goldman Sachs with trading in securities secured by mortgages. He also worked as a financial director, supervising macroeconomic operations in the hedge fund Tiger Management, founded by investor Julian Robertson (Julian Robertson).

Morehead opened Pantera Capital in 2003 to work with institutional investors. After 10 years, the company launched its first crypto-currency fund. Only for November and December, the fund grew by 60%.

Morehead said that the volumes of crypto-currency mining are growing rapidly. At the same time, he believes that mining has recently become more competitive and complex. He is still optimistic about Bitcoin and considers crypto-currency "digital gold".

Many hope that the recent launch of Bitcoin futures is a step towards turning the digital currency into a legitimate asset class, while others simply consider Bitcoin a bubble, and futures are the way to bet against it.

In June, Morehead said he wants to raise $ 100 million by the end of the summer to focus exclusively on the ICO. The fund at that time had already raised $ 35 million. Pantera considers each project individually and has already invested in such ICOs as Ox, FunFair, Omise and Civic.

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