Buy Crypto While It Is Cheap, Says Major Crypto Hedge Fund CEO

Dan Morehead, CEO of a $1 bln cryptocurrency hedge fund Pantera Capital, says today's crypto markets are "Very cheap" and now's the time to buy.

"When a breaks through its 200-day moving average, if you buy that day and sell a year later, you make an average of 239 percent without even thinking about it".

Speaking of Bitcoin in particular, the CEO said this strategy has proved itself "about five times in the last six years.

Engaging with CNBC's suggestion that institutional investment would be the next "big catalyst" for a major rally in the crypto sphere, Morehead said the narrative should be adjusted.

Morehead said institutions are in fact already "buying the rumor and selling the fact.

With looming regulations still to be finalized, crypto markets remain skittish.

CNBC cites figures from the HFR cryptocurrency index, which show market losses of 17.5 percent through April this year.

After last year's gains of 2,907 percent, CNBC suggests the downturn has impacted crypto hedge fund momentum, with only 5 new funds launched in 2018 so far, compared to 45 in total in 2017.

As Cointelegraph previously reported, its first BTC-only fund returned over 25,000 percent when the coin hit its $20,000 peak in December 2017.

The fund remains very bullish on the future of crypto, with Morehead saying that crypto market cap could hit "$40 trln" within ten years in an interview this April.