News

Analyst Claims Buying Bitcoin Now Will Yield Big Profits

Dan Morehead, founder, and CEO of Pantera Capital Management, a cryptocurrency fund enterprise, declared yesterday that if you invest wisely now in bitcoin, you could make more than the double of the amount invested in a year. He stated this while being declaring about institutions investing in crypto, on CNBC’s Fast Money yesterday.
Dan Morehead is the head of Pantera Capital Management, a capital investment enterprise that made a lot of money by investing in bitcoin and other cryptocurrencies in its early stages and profited heavily with bitcoin’s price hike in December. Before this, he managed an electronic foreign exchange firm called Atriax.
Dan claims that his firm has studied the current stance of the market, and he states that cryptocurrencies are way underpriced and that buying now it is a good move for profiting later. He said that by buying bitcoin now when the currency breaks its 200 days average price, could make you win an average of 239% selling it in a year. This has happened more than five times over the last six years; about this, he stated:

“That’s the essence of this trade: It rarely ever gets cheap to its long-term average. So today is a good day to be buying.”

The cryptocurrency market has experienced a rebound from the last week drop, but prices are far from the levels that investors predicted for the second quarter of the year. He also stated that cryptocurrency adoption at an institutional level is not a switch; it’s a process that has been happening since long ago with limited successes.
Cryptocurrency funds have dropped revenues since last year, but institutions are still positive and joining the market by buying cryptocurrencies and slowly but surely adopting cryptocurrencies as a payment method. By doing this, they will be ready for probably coming regulations from institutions like the SEC (Security and Exchanges Commission) and the CFTC (Commodity Futures Trading Commission), and just will have to adapt to them.

Related posts
BitcoinBitcoin NewsbtcusdBTCUSDCBTCUSDTETFNewsxbtusd

Bitcoin May Never Go Below $50k Once An ETF Is Approved, Declares On-Chain Analyst

Bitcoin may never drop below $50k asserts on-chain analyst Ki-Young Ju. But as usual, there are conditions that follow this possibility. In a tweet, Ju analyzed that Bitcoin could follow the same path that gold took in 2004 when the first…
BitcoinBitcoin NewsbtcusdBTCUSDCBTCUSDTNewsxbtusd

Quarterback Star Tom Brady Breaks Internet After Showing Interest In Bitcoin

Tom Brady, the American athlete who is widely regarded as the “greatest” quarterback in NFL history is the latest celebrity to show interest in the world’s most valued cryptocurrency Bitcoin. Brady who has a massive Twitter following of 1.9 million…
BitcoinBitcoin NewsbtcusdBTCUSDCBTCUSDTNewsxbtusd

Almost $200 Billion Worth Of Bitcoin Is Currently At Risk – Report Warns

A recently published 2021 crypto report by Opimas LLC, a finance-based management consultancy firm, has revealed that approximately 3,480,000 out of the world’s mined 18.5 million Bitcoin, stands vulnerable to attacks as a result of improper safekeeping. The 36-page report…