bitcoin and cryptocurrency Although the market continues to trade well below last year’s all-time high, interest remains.
Institutional investors continue to scrutinize the crypto industry, considering regulation-friendly investment options. Meanwhile, industry experts claim that there will be a huge demand for Bitcoin in the long run.
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Is Bitcoin Bear Phase Over?
Dan Morehead, CEO of Pantera Capital, said the worst part of the current cycle ended four months ago. The CEO thinks the market is getting used to seeing Bitcoin as a representative for Blockchain:
“We are all used to using Bitcoin as a proxy for Blockchain, there are hundreds of really interesting projects.”
Speaking to CNBC on Wednesday, Morehead said that revolutionary things like cryptocurrency will change many aspects of life over the next decade:
“From what I understand from trade cycles in 35 years, four months ago we went through the worst when things hit the wall. In an environment where the market is down 75-80%, if you add leverage to this, your job becomes more difficult. I think a lot of that has already been extinguished.”
Pantera CEO said that blockchain will potentially be used by billions of people in the next four to five years. He added that if the market reaches such a level, demand and supply dynamics will determine the prices of cryptocurrencies.
Cryptocurrency prices have been going through hard times since the beginning of the year.
*Not investment advice.