Pantera Capital CEO sides Bitcoin, refuting Warren Buffet calling it a gambling
Bitcoin (BTC) is the biggest disruption of the generation. This is how Dan Morehead, the CEO and Chief Investment Officer of Pantera Capital, described Bitcoin. He also made a statement about Blockchain, stating that it is the next stride that will help in the evolution of equity, reported CCN. Morehead shared his views in a recent ICO and digital asset funds conference.
Despite the tumultuous state of BTC and other cryptocurrencies, Morehead expressed his optimism towards all the cryptocurrencies. He said that the price of BTC has been seeing a growing at a stable rate since its start. “My normal view is that it’s going to return to its trend,” he said.
According to CNBC reporter- Becky Quick, Warren Buffet- the chairman and CEO of Berkshire Hathaway, had previously called Bitcoin a “rat poison squared”.
— Becky Quick (@BeckyQuick) May 5, 2018
In a Yahoo Finance interview, he also stated that purchasing cryptocurrencies isn’t real investing. Calling it gambling, he said: “If you buy something like a farm, an apartment house, or an interest in a business… You can do that on a private basis… And it’s a perfectly satisfactory investment.
“You look at the investment itself to deliver the return to you. Now, if you buy something like Bitcoin or some cryptocurrency, you don’t really have anything that has produced anything. You’re just hoping the next guy pays more.”
In response to the billionaire Warren Buffet making negative comments about Bitcoin and other cryptocurrecnies, Morehead said: “It is rat poison; it’s just the banks and credit card companies are the rats.”
While Buffet expressed his extreme negativity towards all cryptocurrencies, Morhead showed his comprehensive support towards the virtual currencies, stating that the cryptocurrency market cap bears the possibility of reaching $40 trillion worth. He opined that the current market is the appropriate time to buy.
Image via Shutterstock
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