Famous Hedge Fund CEO Reveals Whether the Month is Over in Bitcoin (BTC)!

Bitcoin (BTC) and the cryptocurrency market continue to trade well below last year's all-time highs, but interest remains high.

Institutional investors continue to keep a close eye on the crypto sector, considering its regulation-friendly investment options. Meanwhile, industry experts claim that there will be huge demand for Bitcoin (BTC) in the long run. Is the Bearish Phase Over for Bitcoin? Dan Morehead, CEO of Pantera Capital, said that the worst part of the current cycle ended four months ago. The CEO thinks the market has gotten used to seeing Bitcoin as a proxy for Blockchain: "We've all gotten used to using Bitcoin as a proxy for Blockchain, there are hundreds of really interesting projects." Speaking to CNBC on Wednesday, Morehead said revolutionary things like cryptocurrency will change many aspects of life over the next decade: "From my understanding of trading cycles for 35 years, we went through the worst period four months ago where things hit the wall. When you add leverage to that in an environment where the market is down 75-80%, it's tough. I think a lot of that has already fizzled out." The Pantera CEO said that Blockchain will be used by potentially billions of people in the next four to five years. He added that if the market reaches such a level, the dynamics of demand and supply will determine the prices of cryptocurrencies. Cryptocurrency prices have largely been struggling since the beginning of the year. Follow Global Economic Developments on Social Media! Click here to follow Ieconomy official Facebook account! Click here to follow Ieconomy official Instagram account! Click here to follow Ieconomy official Twitter account!