The end of 2017 was very eventful, the value of Bitcoin cryptographic currency and the interest of investors for it has experienced strong growth followed by a violent correction.
Who has plunged some investment funds into a big disarray.
However, despite this correction, bitcoin has seen several rally and many hedge funds hope to take advantage of these flights.
Among the hedge funds that have achieved impressive performances, Pantera Capital is at the top of the pack.
Launched in November 2017, the Pantera Digital Asset Fund, which includes different numbers of cryptocurrencies, jumped by 46% in April, compared with only 32% for Bitcoin.
In a letter to investors Dan Morehead, founder and CEO of Pantera Capital has confirmed that he is confident and that the investment in cryptocurrencies, will bring generous dividends.
The spring rebound
As the cryptocurrency market became gloomy in early 2018, Bitcoin and other crypto currencies saw their astronomical gains reduced and the Digital Asset investment fund experienced three consecutive months of losses. In January the Digital Asset Fund was at -9.2% to further decline to -45.7% in March. But after this tough period, the trend has changed.
According to Dan Morehead, the drop in the first quarter is largely due to taxes.
“I think the drop in pressure in the first quarter is the result of an unexpected tax sale. People were taken out of school when their accountant explained the taxes they had to pay, so they had to sell their crypto-currencies to pay the bill. “
The founder of Pantera, Morehead, a month ago gave a brief overview of the importance of investing in Bitcoin: “10% of 1 billion of the crypto hedge fund are invested in Bitcoin”.
In an effort to improve performance, Pantera Capital has added fresh blood to its team by hiring Echelon Asset Management CFO Ryan Davis. He will be the new Chief Financial Officer of Pantera.
A new start for a new ascent
For the founder of Pantera Capital, the fall of Bitcoin is coming to an end. After these months of regression, the time has come for Bitcoin to fly back to the peaks.
A few weeks earlier, Morehead had expressed optimism and encouraged investors to buy. “Knowing that Bitcoin can reach $ 20,000, buying it at $ 6,000 would be a good deal.” According to him, by the end of the year the Bitcoin will continue to grow strongly.