In an interview with CNBC, the Pantera Capital CEO, Dan Morehead, has said that bitcoin could drop by as much as 50% from its all-time high, before rising again to even higher levels. Famously, Morehead was an early adopter of bitcoin, purchasing the cryptocurrency when it was priced at just $72.
\r\n\"Bitcoin could be down by 50% this time next week... back to the price level it was at a month ago, but in 12 months from now, it will be much higher than it is today\", said Morehead.
\r\nWhile such a statement may seem bearish, Morehead insists that he is just pointing out to investors where the cryptocurrency could be heading in the longer term.
\r\nMorehead has been vocal about his belief that cryptocurrencies as an asset class are only at the beginning of their development, and that they will continue to grow. He went on to say:
\r\n\"For the major Blockchains like Ethereum, Ripple and of course, Bitcoin, we are only in the first innings of something which could be a multi-decade journey. Of course, there will be a few ups and downs, but the point is, it is still very early days.\"
\r\nThe cryptocurrency hedge fund run by Pantera Capital is up 60% in the last 8 weeks.
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