CEO Pantera Capital called cryptocurrencies the best asset to save savings
Updated: Aug 5, 2022
Morehead noted the lack of cash flow in cryptocurrencies, which makes them similar to gold. The top manager pointed out that digital assets may behave differently than interest rate-oriented financial instruments.
CEO Pantera Capital stressed that the value proposition of cryptocurrencies remained the same, and the decline in quotes in recent months is due to the reaction to signals The Fed and the approaching end of the US tax year.
“Digital asset market capitalization grew by $1.4 trillion last year. This may have caused a significant portion of the recent selling,” he explained.
Morehead warned that the market could experience a series of ups and downs before returning to a growth trajectory.
< p>Recall that in October, the CEO of Pantera Capital allowed the formation of a wave of sales of the first crypto currency after the approval of an ETF based on bitcoin futures.
Earlier, a JPMorgan strategist warned of a collapse in the crypto market after the Fed raised the key rate. Glassnode analysts recorded a decrease in leverage and an increase in put option purchases in anticipation of the March Fed meeting