In a recent interview, the CEO of Pantera Capital, Dan Morehead, spoke about the current scenario of the Bitcoin [BTC] market as well as the patterns shown by the cryptocurrency industry.
Speaking to CryptoTrader Ran NeuNer, the Chief Executive Officer stated that the current October was very different from the last October when Bitcoin started its rise to break the $19,000 barrier. According to Dan Morehead, the world of Bitcoin and other cryptocurrencies is a multi-decade concept, with the most important factor being looking out for the future.
The Pantera official also stated that investors have to venture into the market with a multi-year approach and should not expect immediate gains. One of the main queries posed to Morehead was the doubt cast upon the cryptocurrency market right now because of the number of people losing money in the space.
Morehead was confident while stating that the patterns shown by the market right now have been seen before, with varying degrees of changes. He also pointed out that the Bitcoin market was ‘more manic than other industries’.
He further stated:
“The people in the Bitcoin space as well as the overall crypocurrency space need to realize the concept of buying low and selling high. We have calculated the percentage of inflows and spikes and have realized that the investors just need to observe the market calmly and not experience FUD.”
The CEO went on to say that Bitcoin market is basically a buy one, get two sale because of the price drop right now, which was met with rapturous laughter. According to him, the investor sentiment is basically controlled by the FOMO devil which forces a lot of people to get into the industry when the prices are high.
He also spoke about the benefits of utility tokens, calling it ‘one of the most powerful financial tools ever’. Dan Morehead was also of the opinion that Bitcoin has a lot of utilities and the value of the cryptocurrency is dependent on the use cases that investors find in it.
He was also hopeful that in the next couple of years or so, the number of people involved in the space will rise to a whopping 500 million.
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