The owner of a hedge fund says: "Buy the Bitcoin now"
Bitcoin may have sunk to the bottom this year, according to the founder of Pantera Capital Management. So now is the time to buy. "All digital currencies are cheap at the moment," said Morehead, who is chief executive officer and co-chief investment officer of Pantera.
Morehead said digital currencies as a whole fell nearly 65% from their high levels this year. "It's much better to buy now and take part in the next rally," he said on Thursday at CNBC's Fast Money program.
Bitcoin, one of the most popular digital currencies, reached heights of $ 19,500 last December and then fell below $ 6,000 in February this year. So the volatile nature of all digital currencies left market watchers concerned about the looming regulatory concerns. The digital currency industry continues to be largely unregulated. But this may work for investors, according to Morehead. His advice to investors is to: Buy digital coins as soon as you break the average of the movement for 230 days, wait a year and then sell them.
"Even without you even thinking about it, you will make a profit of an average of 239 percent," he said.
The trader explained that this strategy can best be explained across Bitcoin, a currency "where the order has occurred almost 5 times in the last 6 years."
"That is the essence of this trading: it is rare to become cheap in the medium term," Morehead said. So today is a good day to buy. "
Pantera Capital Management, founded by Morehead in 2013, is one of the first American companies to develop. The company has approximately 35 pre-auction "ICOs" and about 25 Liquid Baluchenes, including XRP, ETH and BTC.
