According to the CEO and founder of Pantera Capital Dan Morehead, Bitcoin is “under-owned” by institutional investors. Mr. Morehead predicts that Bitcoin will make bullish movemets in upcoming weeks.
The Pantera Capital founder said, “Typically, [bitcoin] has had on average a 71-day bear market, and we’re 52 days into this. It seems like another couple of weeks and everything will be normal and [bitcoin] can start growing back up again. We’ve had a 64% fall from its peak to the trough a couple of days ago, and that’s actually exactly the average decline in the bitcoin markets over the last seven bear market cycles.”
According to Dan Morehead, despite the high demand for cryptocurrency over the world, Bitcoin is “under-owned” by institutional investors. He says, “There’s such an institutional appetite to get exposure to this, It’s a half-a-trillion-dollar asset class that nobody owns. That’s a pretty wild circumstance.”
About the regulations on cryptocurrency market, Morehead thinks that a little bit more regulation will help the industry.