Hedge Fund Manager Believes BTC To Recoup To Over 3K
There are those who are not optimistic about Bitcoin’s value, and there are those who are. One individual who falls into the latter category is Anthony Pompliano, the founder of Morgan Creek Capital Management. In an interview with CNBC Crypto Trader’s host Ran NeuNer, he discussed the current condition of the crypto marketand identified what he believes is behind the crash.
Pompliano discussed, interestingly enough, that the reasoning is irrelevant because “a whole bunch of conspiracy theories as to what happens” are floating around. One such theory is the Bitcoin Cash hard fork. He added,
“It can be a whole lot of thing I tend to think that the most important thing to focus on is the longer term trend. We’re in a bear market we’re going to continue to stay in this bear market. I think a lot of the technical and historical analysis shows that we’ve got a ways to fall still.”
On his original point concerning BTC’s price, he pinpointed to a letter he had penned when its price was around $6,500 and in the letter, he noted that the price would decrease to $3,000 to $3,500. He continued, “If we fall all the way there’s that when we’re going to see true blood in the streets and we’ll kind of see how more participants react to that.”
As for general hedge funds in the crypto space, he mentioned that many of them are experiencing a loss this year. However, there are a few funds that are seeing a profit. He continued,
“There are a very large amount that are in trouble and many of them are at their long tail right. These guys have managed $20 million in assets, they’re usually young, inexperienced fund managers.”
Source: bitcoin exchange guide