Bitcoin price may rise over two weeks
Pantera Capital's founder is not at all in doubt about the development
Bitcoin price may rise over two weeks, it means Pantera Capital's founder. Pantera Capital Founder and CEO Dan Morehead believes that the Bitcoin market has a long way to go. It is expected to be released and the bitcoin price may rise over the next two weeks. Under CNBC's fast cash segment, this cryptocurrency enthusiast made some strong bullish statements about the market for Bitcoin and cryptocurrency.
Morehead sticks
Whatever its sharp correction, Morehead feels that Bitcoin is ultimately on track. He has used the story as an indicator of the serious fall in prices. He has also predicted that the Bitcoin Prize will start climbing the ladder again in the coming weeks. He said thus:
"We are definitely aware that it is a very speculative market. It can be very unstable. We have fallen 64 percent from peak to present a few days ago, and it's actually exactly the average decline in the Bitcoin market over the last seven market cycles. So far, the future does not predict - but it seems that this is about the correct correction. The other statistics to note is that it typically has a 71 day storage mark and we are 52 days in this. So it seems like a couple of weeks, and everything will be normal and it can start to rise again. "
In addition to sharing its optimistic ideas about cryptocurrency markets. Will there be time in the whole by the end of February. Then he also accepted that there is still ample room for expansion, as institutional investors have not been involved much in market dynamics. He was quoted to say that:
"There is such an institutional appetite for being exposed to this. It's a half trillion dollar asset class, which no one owns. It's a pretty wild circumstance. It also has only a 0.1 percent correlation with the rest of the financial markets ... And Bitcoin is still so subordinated to institutional investors that it is acting a bit at its own pace. "
Market regulation
Morehead believes that the United States has done a good job so far and feels that more regulation is needed to maintain the market's healthy pace. He pointed out that:
"[Regulation] is a good thing. I think the US regulatory agencies have done an outstanding job. IRS ruled on Bitcoin many years ago that it was property, and then you get long-term capital gains tax treatment if you hold it for a year. CFTC has been very progressive about this and now we have CME futures on Bitcoin. The SECs controlled a few things like securities and should be registered, but generally allowed the market to develop. The pace so far has been very good from the regulatory agencies, and a little more regulation is probably useful. "
He shared his opinion about the most interesting investment opportunities in modern times before he left. He is most fascinated by the operation of Initial Coin Offerings (ICOs), although his company is trading in large coins dealing with cryptocurrencies such as Ethereum and Bitcoin.
The bullish statements from Morehead on Bitcoins come as an inviting reminder that corrections are very normal in nature. It comes after cryptocurrency the market has undergone a heavy start this year.