Is Bitcoin Undervalued? Pantera CEO recommends buying

Now is a good time to shop for bitcoin. At least that’s what Pantera CEO Dan Morehead claims. Meanwhile, US Senator Cynthia Lummis is emphasizing her crypto-friendly course. The opinion ECHO.

How Undervalued is Bitcoin? In the opinion of Pantera Capital CEO Dan Morehead, there was hardly a better way to get started than at the moment.

Bitcoin is currently trading 36 percent below its 11-year trend. Bitcoin has only spent 20.3 percent of its history so far below trend rating […] For new investors, it is best to buy when the market is below trend. Now is one of those times

writes Pantera in its current issue report to the investors. According to this, BTC is growing annually with an average of no less than 281 percent – but BTC is clearly below this trend in the current dip. A correction to the old, higher level is therefore to be expected.

Senator Lummis is a bitcoin maximalist

Figures from US politics are now crypto bulls. Because according to its own statements, the US Senator for Wyoming Cnthia Lummis is “All in Bitcoin”. As they did at the Bitcoin 2021 Conference in one interview With Reason TV announced that she thinks “Bitcoin is a great store of value”.

We know that scarcity will secure Bitcoin’s value – unlike the US dollar, which we are printing more of every day.

She also made no secret of her crypto-friendly stance on the panel discussion. The cryptocurrency could act as a kind of supervisory authority to keep US monetary policy in moderately restrained channels.

Nevertheless, she sees no competition for the US dollar in Bitcoin. Rather, the cryptocurrency is an “alternative store of value”. “I see BTC as something I can save on for the future. A good that gains in value and does not lose value, ”said Senator Lummis.

Will GM soon accept Bitcoin?

After Tesla has temporarily suspended its crypto acceptance, the competition signals readiness. In an interview with CNBC General Motors CEO Mary Barra said:

There’s nothing stopping us [Bitcoin zu akzeptieren]. We let our customers drive us,

she holds out the prospect of a possible acceptance of BTC. Tesla is probably also looking to digital gold again. The prerequisite, however, are credible studies that show that at least 50 percent of the energy from mining comes from renewable sources.

Kraken CEO: BTC “greener than you think”

It should be clear that the CEO of one of the largest Bitcoin exchanges is not a completely neutral market observer at all. Nevertheless, Jesse Powell opposes the “Energy FUD” by Elon Musk. Unlike the Tesla CEO, Bitcoin is already greener than expected. Across from Bloomberg Powell said:

Bitcoin is greener than people think. It’s a way of using a lot of discarded energy. In addition, it is a way to boost renewable energy. So cryptocurrency is doing a lot for the renewable energy sector. I think Elon still has a lot to learn about this subject.

Jesse Powell

Powell also gives investors hope with regard to the BTC rate:

The people who sell at this price level are newcomers to the market. They don’t understand the fundamental value of Bitcoin. Those who are long-term oriented and understand aspects like DeFi are currently accumulating.

Jesse Powell