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Dan Morehead, The CEO of Pantera Capital, in a discussion with CryptoTrader Ran NeuNer, shed some light on the emerging patterns in the cryptocurrency ecosystem and their current state. He notes that last October, Bitcoin (BTC) started to rise and crossed the $19,000 barrier, things this year are quite the contrary.
Morehead insist that while Bitcoin is on the verge of completing a decade, the stress should be not on the current state but what the future entails for the token and the overall cryptocurrency markets. Furthermore, investors need to view the market with a multi-year approach and not just seek immediate gains.
When NeuNer asked Morehead about the current doubt looming over cryptocurrency market might be due to the loss of money on the space, the CEO confidently points out that the current market patterns are not entirely new, with varying degrees of changes they have been observed earlier as well. Adding that bitcoin market is more “manic than other industries,” he stated:
Morehead referred the current situation as the buy one, get two sale, indicating the price drop and predicting the hike. Elaborating further he states that the FOMO devil has been controlling the investor sentiment as investors tend to stream in when the prices are too high.
Discussing the benefits of utility tokens he described them as “one of the most powerful financial tools ever.” The use case of Bitcoin as a multi-utility tool and not just as a store in value is dependant on the keen eye of investors. He hopes that the coming years the ecosystem will grow to 500 million.