The worst could be over for bitcoin, according to one of the best-known cryptocurrency hedge fund managers. Dan Morehead, CEO of Pantera Capital, said the digital currency has been growing at 165 percent per year in the five years the firm has been in business.
“Something that’s growing that fast hardly ever gets below its 200-day moving average,” Morehead told CNBC’s “Fast Money” Wednesday. “When it does, it’s a very good time to buy.”
Morehead, whose firm returned 25,000 percent the year bitcoin hit its all-time high, said $6,500 was the bottom for this bear market. The cryptocurrency neared that level in April, falling as low as $6,620, according to CoinDesk.
Bitcoin recovered to a near $8,212 Wednesday, and has lost more than 40 percent of its value this year. “It’s 65 percent below its high, you don’t get that opportunity very often,” Morehead said.
Bitcoin had a record year in 2017 with the cryptocurrency gaining more than 1,300 percent to almost $20,000 in December. That helped Pantera, which was founded in 2013, return roughly 25,000 percent life to date as of last December. Read more from cnbc.com…
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