The CEO and founder of Pantera Capital Dan Morehead, recently told the media that the Bitcoin was under-owned by institutional investors despite a strong demand for the crypto-currency. Mr. Morehead has also predicted that the price of Bitcoin would increase in the coming weeks.
Below are the details of the announcement of Dan Morehead :
The notice of Morehead on the Bitcoin
In a recent interview with CNBC, the founder of Pantera Capital, appeared unruffled in the face of the fall in the price of Bitcoin. He has said that he is fully aware of the fact that it is a market which is highly speculative. Morehead explained that it is very volatile and that these reductions are not very surprising. He predicted that the price of this digital currency would begin to recover in the coming weeks, indicating that, in general, the downward trend in the price of Bitcoin is 71 days. He explained that within a few weeks everything will return to normal and that the value of this crypto-currency will begin to grow again.
Source : Pixabay. The Bitcoin is under-owned by institutional investors.
Dan Morehead also noted that a decrease of less than 64 % has already been registered a few days ago. Pantera Capital was founded in 2003 and launched its first fund of crypto-currencies ten years later. The group invests in a number of large businesses digital currencies, including Bitpesa, Xapo, Korbit and Bitstamp.
A low demand for the Bitcoin at the level of institutional investors
The CEO of Pantera Capital has stated that, despite the strong demand for crypto-currencies, the Bitcoin does not interest many institutional investors. According to him, if they invest in this digital currency, the price may increase considerably.
Morehead was assigned to the volatility of Bitcoin to the lack of institutional investment. He reiterated that this situation is related to the fact that institutional investors do not hold a large volume of Bitcoins.
Source : NewsBitcoin