Covesting
Contributor
The CEO of San Francisco-based cryptocurrency hedge fund Pantera Capital, Dan Morehead, made some bullish comments on the cryptocurrency market, telling CNBC in an interview that “today is a good day to be buying [crypto].”
Morehead explained that cryptocurrencies like bitcoin are currently “very cheap” after dropping as much as 65% from all-time highs, saying “it's much cheaper to buy now and participate in the rally as it goes.” He elaborated on why he sees current prices as a strong buy, and what investors can expect if they were to buy in today as Morehead suggests:
“When a [cryptocurrency] breaks through its 200-day moving average, if you buy that day and sell a year later, you make an average of 239 percent … without even thinking about it … That's the essence of this trade: it rarely ever gets cheap to its long-term average. So today is a good day to be buying."
Full story here
Morehead explained that cryptocurrencies like bitcoin are currently “very cheap” after dropping as much as 65% from all-time highs, saying “it's much cheaper to buy now and participate in the rally as it goes.” He elaborated on why he sees current prices as a strong buy, and what investors can expect if they were to buy in today as Morehead suggests:
“When a [cryptocurrency] breaks through its 200-day moving average, if you buy that day and sell a year later, you make an average of 239 percent … without even thinking about it … That's the essence of this trade: it rarely ever gets cheap to its long-term average. So today is a good day to be buying."
Full story here