Pantera Capital’s hedge fund was in a less favorable position than bitcoin, while the price of the latter continued to decline throughout the past month, wrote Pantera Capital CEO Dan Morehead in an investment letter at the beginning of the week.
According to Bloomberg, Pantera Capital’s digital assets fell 26% in May, its loss ratio was 51% since the beginning of the year, while the bitcoin last month fell 15%, but since January 7 the largest in the price lost 61%.
Weak shows In May, Pantera Capital contrasts sharply with the successes in April, when against the bitcoin the fund grew by 46.2%. Morehead attributed the decline in May to the devaluation of his fund in altcoyins such as Dash, Waves, Bitshares and OmiseGo  Commenting on the recent statement by Warren Buffett, who called bitcoin “rat poison square,” Morehead noted that the legendary investor might miss something important.
CEO Pantera refers to the purchase by Buffett of 75 million shares of Apple in the first quarter of this year, which were added to the 165 million shares that belonged to it at the end of last year.
Despite the market decline, Morehead remains optimistic. In April, he said that bitcoin “just screams about buying” and suggested that within 10 years the capitalization of the digital assets industry will reach $ 40 trillion, and the largest crypto currency will update its maximum this year.