Bitcoin price news: Hedge fund CEO says bitcoin price will RISE- but gives stark warning…

Dan Morehead, the CEO of Pantera Capital said bitcoin price would rise but that cryptocurrency mining does not have any fixed support like other markets such as copper so cryptocurrency companies risk running losses for months.

Mr Morehead told CNBC: “I think it is very difficult to ever do real world calculations of the cost of mining.

“All these are sunk costs and people have built these enormous data centres with computer chips that are doing the mining.

“I think it is unlikely to have any fixed support there.

“The company might run a loss for six months hoping that the price is coming back.

“I think there really isn’t a level like in copper, where if you get below the marginal cost people just stop their mines.

“Here I think there isn’t some kind of fixed floor like that.”

He added: “Bitcoin was half this price a year ago and it was all working great.

“The price could go down but I really do think a year from now it will be much higher than it is…