Buy Bitcoin, You Will Make Money, Says Morehead – Altcoin Buzz

Dan Morehead, the founder of Pantera Capital, says that investors should buy Bitcoin while it is cheap. “That’s the essence of this trade: It rarely ever gets cheap to its long-term average,” Morehead said. “So today is a good day to be buying,” he told CNBC Fast Money.

He began by saying that today all cryptocurrencies are relatively affordable. Indeed, the current price of Bitcoin, for example, has slumped, and now the coin trades at $7,436. Morehead sees this as an opportunity for investors and gives his own tip: “Buy a currency once it breaks its 230-day moving average, wait a year and sell.”

“Without even thinking about it,” Morehead said, “you make an average of 239 percent.” He elaborated pointing out that Bitcoin is the best illustration in this case, as it is a coin to which it “happened about five times in the last six years.”

He also commented on the fact that SEC has launched an investigation against malpractices on the crypto market….