Bitcoin’s dog days are over, says one of the biggest cryptocurrency hedge funds.
“For those who are new to Pantera who might think a fund manager like Pantera would always be saying ‘Today’s a great day to get long,”’ wrote Pantera’s Dan Morehead and Joey Krug. “I rarely have such strong conviction on timing. A wall of institutional money will drive the markets much higher.”
The fund, which started investing in Bitcoin in 2014, has only made three buy and one sell recommendations in seven years, the note said. The new call comes after Bitcoin crossed its 200-day moving average.