The General Director of the cryptocurrency hedge Fund Pantera Capital Dan Morehead is convinced that the price of bitcoin has most likely reached the "bottom" and now it's time to open long positions in the market. About it writes CNBC.

"All cryptocurrencies are very cheap now," Morehead said, hinting at a good time for purchases.

According to him, taking into account the overall decline of cryptocurrencies by 65% compared to the highs of this year, in the future their value will only grow.

Morehead believes that now is the right time to buy the first cryptocurrency because its price has reached the "bottom".

According to the founder of Pantera Capital, investors may be on hand by the fact that the crypto industry still remains largely unregulated space.

Note, bitcoin came close to the mark of $20 thousand in December 2017. In February of the next year, its price reached the lower level of $6 thousand. As of June 1, bitcoin is trading around $ 7550.

Recall, in April, Dan Morehead suggested that the capitalization of the cryptocurrency market can easily reach $40 trillion.

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