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Cryptocurrencies are cheap right now, says Dan Morehead,hedge fund owner and founder of Pantera Capital Management. This makes it a good time to buy.
Bitcoin was priced around $7,500 on Thursday at 5:30 p.m. ET — down more than 50 percent from December 2017 highs of approximately $19,500.
"It's much cheaper to buy now and participate in the rally as it goes," Morehead said Thursday on "Fast Money."
CNBC noted that the volatile nature of all cryptocurrencies has left market watchers on edge primarily with concerns over government regulatory demands and crackdowns.
But this might work in investors' favor, Morehead said.
"Many institutions are essentially buying the rumor [of potential SEC regulations] and selling the fact," he said. "Getting invested now so that in three, four, five months when the institutional, quality-regulated custodians that we're hearing about come online, they'll already have their positions."
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