Pantera Capital’s Morehead predicts Bitcoin price will drop 50% next week. But: He remains optimistic about bitcoin as a whole, and described digital currencies as “digital gold.”
Dan Morehead, CEO and founder of Pantera Capital and a digital currency investor, told CNBC’s Squawk Box bitcoin’s price could fall 50 percent next week to last month’s lowest levels. In the long run, however, he said bitcoin will far surpass its current prices.
Morehead launched Pantera Capital in 2003 as an institutional investor focused strictly on digital currencies. The company began its first cryptocurrency fund 10 years later.
The fund grew 60% in November and December, and over 12,000% in four years.
- Bitcoin could plunge 50 percent next week, but the digital currency is likely to rise much higher in the long term, Pantera Capital CEO Dan Morehead says.
- "For the big blockchains like bitcoin, ethereum and ripple, we're in the first innings of a multidecade thing," he argues.
Early innings for cryptocurrency craze: Pantera Capital CEO from CNBC.