Dan Morehead, the CEO of Pantera Capital thinks that the crypto market is very cheap right now. He said that right now it is an ideal time to buy the crypto currencies. His cryptocurrency hedge fund is billed at almost 1 billion US dollars. He made these comments in his interview at CNBC.
Morehead analyzed the current state of crypto market and said that the markets are almost 65% down from their highs. Therefore, it is much cheaper to buy right now and then go on the rally as the prices gather.
He said that there is a very simple rule to follow if one wants to make profit in crypto markets. “When a cryptocurrency breaks through its 200 day average moving, if one can buy at that day and sell the same after one year, tone can easily make 239 percent.”
This rule is as clear as night follows the day according to him. He further quipped that this is the essence of crypto trading. It rarely gets cheap to its long term average. Henceforth, it is a good day to buy in.
He said that the application of this rule to the Bitcoin has helped him almost six times in the past few years. Morehead discussed the possibility of the involvement of institutional investment sin the crypto sphere.
He said that there is a need to adjust the narrative. It’s not like an on-off switch. He said that the institutional investors are involved in the market since 2013 and it’s a process. The one thing everybody is missing is a SEC regulated custodian. This is what everyone is looking for at the moment.
Morehead said that the institutions are already buying into the rumors of the SEC regulations and capitalizing on it. He advised investors to get ahead of the regulatory custodians involvement. This can place them in advantageous position in the near future.
Disclaimer: Koinalert’s content is only for information purpose in nature and should not be considered as investment advice. Do your own market research before investing in any cryptocurrencies. The author or publication does not hold any responsibility for your personal financial loss.