Bitcoin price LIVE: $8k BTC sheds $300 while ‘Bitcoin pensions’ are called ‘inevitable’ | City & Business | Finance
7.30am MORNING HEADLINES
Good morning, and welcome to our rolling coverage of all things cryptocurrency, including price, regulation, innovation and financial crime.
Bitcoin starts the day at $8,051 as the week’s positive gains began to stutter on Sunday night.
The return to $8k grabbed headlines last week, and now – confidence restored – wallet holders are looking for the next boost. One expert has claimed that the next spell of price gains will come from the arrival of institutional investment.
Ari Paul, chief investment officer at cryptocurrency hedge fund BlockTower Capital, told CNBC that pensions and large funds are looking across at crypto with interest. The CIO says that funds will add cryptoassets to their portfolios — sooner rather than later.
He said: “I do think it’s inevitable from a few angles.
“Even if they never believe in it as an asset class, they’re smart enough to recognize the alpha opportunity.
“Endowments could pull the trigger at any moment. They’re on the fence.”
Updates below throughout the day….
8.33am – UPDATE – The worst days are over for BTC
Pantera Capital CEO, Dan Morehead, has claimed that Bitcoin’s worst days are behind it, and from now on, the only way is up.
He wrote on Medium: “For those who are new to Pantera who might think a fund manager like Pantera would always be saying ‘Today’s a great day to get long.
“I rarely have such strong conviction on timing. A wall of institutional money will drive the markets much higher.”