Bitcoin is a risky investment that could easily plunge 50 percent next week to levels seen only last month, said a former hedge fund strategist who is now a digital currency investor.
But Dan Morehead, founder and CEO Pantera Capital, predicted Tuesday that bitcoin in the long run is likely to spike much higher than current prices of about $18,200 per unit.
“For the big blockchains like bitcoin, ethereum and ripple, we’re in the first innings of a multidecade thing,” said Morehead, who bought bitcoin when it was at just $72. “And there’s going to be some ups and there’s going to be some downs, but we’re still really early.”
Blockchain, the technology underlying bitcoin and other digital currencies, is an anonymous, decentralized public log that records all…