The Pantera Capital CEO, Dan Morehead, states that now is a great time to buy Bitcoin. Why? Because it is considerably cheaper to buy it now. The CEO told CNBC’s Fast Money that, in his opinion, Bitcoin has hit rock bottom today, which makes it the best time to buy.
Bitcoin reached the price of $20,000 USD on December 17th, 2017, but it has dropped below $6,000 USD in February and has somewhat maintained its price around $7,500 USD lately. Morehead believes that this market has already reached its rock bottom when the crypto market capitalization went to $250 billion USD. At the time of this report, it is in $330 billion USD.
Check out Fast Money on CNBC https://t.co/LySYOpKHqI
— Dan Morehead (@dan_pantera) May 31, 2018
Get In Before The Herd
Pantera Capital’s CEO believes that now is the time to get in because there is “herd” of institutional investors arriving and you should beat them before they start to buy. As there are potential regulation rumors around and many institutions are getting more interested in Bitcoin, the CEO projects that many people will start buying it.
— CNBC's Fast Money (@CNBCFastMoney) May 31, 2018
The CEO has also advised that people should buy tokens when they fall below their 230-day moving average and then wait about a year to sell the tokens, which surely will make for a great profit.
You should just be warned that Morehead is considerably invested in Bitcoin, as his firm is deeply invested in the crypto market, so talk all of his advices with a grain of salt.