Buy Bitcoin Now, Says Pantera Capital CEO

According to Pantera Capital Management’s Dan Morehead, now is a good time to buy Bitcoin and other cryptocurrencies. Here’s why.

‘It’s Much Cheaper to Buy Now’

On Thursday — the founder of Pantera Capital, a San Francisco-based investment firm focused on blockchain technologies — told CNBC’s Fast Money that he believes Bitcoin has hit the bottom for 2018. As such, now is the best time to buy.

The former chief financial officer and head of macro trading at Tiger Management told the trading-focused show:

All cryptocurrencies are very cheap right now […] It’s much cheaper to buy now and participate in the rally as it goes.

Bitcoin, the first and foremost cryptocurrency, topped $20,000 on December 17th, 2017. In February, however, the gold standard of cryptocurrency dropped to levels below $6,000, before ping-ponging back and forth in an attempt to regain stability. At the time of this writing, Bitcoin is trading at $7,507.72, down 0.34 percent over the last 24 hours.

The total market capitalization for all cryptocurrencies has followed a similar pattern, reaching upwards of $830 billion before bottoming out underneath $250 billion. At the time of this writing, the total market capitalization for the cryptocurrency market is just over $330 billion…

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