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Dan Morehead, CEO of Pantera Capital, believes the cryptocurrency market has passed the cycle bottom and is beginning to recover.
In a new interview with RealVision CEO Raul Pal, a crypto hedge fund executive says he was heavy on Bitcoin (BTC) in May, June and July.
But he now thinks it’s time for a different strategy.
Bitcoin is like our space equivalent of the Treasury, and everything is kind of high beta for that. In times of stress, Bitcoin doesnt go below what we call microcaps or altcoins.
I actually think we’ve hit rock bottom. If we’re at least at the integration level and potentially in a new rally (which I actually think we are), get out of that risk curve and into Ethereum, DeFi (decentralized finance) Being there pays off. , and many other things. As such, we have significantly reduced our Bitcoin exposure and have returned to all other sectors that perform well when we are in a bull market.
Obviously, if we’re wrong and pulling another leg, we’d all like to be in bitcoin, but basically anything else has high beta.
High beta assets are those that are expected to be riskier but offer higher return potential.
Watch Morehead’s full interview here.
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