Pantera to partake in USMS auction, invites participants for syndicate bids

Pantera Capital Management LP, the hedge fund reportedly managing the investments of Fortress Investment Group LLC’s executives, says it will be participating in the upcoming USMS bitcoin auction. They also participated in the first round in June/July, bidding for over half the auction.

Pantera is inviting interested investors to join in the syndicate bid. They are to submit their bid size and price, as expressed as a % discount on the spot price- indicating that Pantera is encouraging to pay above the market rate for the coins, which may not be case for all bidders in the auction.

Pantera is highly bullish on Bitcoin Bitcoin While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that Read this Term. In its announcement, it evokes the controversial Say's Law to demonstrate how the new supply of bitcoins from the auction will help drive demand, which will place upward pressure on prices. Say was a French economist from the 18th-19th century who argued that creating a supply generates a market for its demand. Pantera therefore asserts that the first auction created much investor demand for bitcoin.

Pantera believes that bitcoin prices will rise significantly. In a June research report, the firm argued that bitcoin can approach $10,000 this year based on a technical analysis it performed.

Investors submitting bids also need to submit paperwork and a deposit. Should a bid succeed, Pantera takes a 1% fee of the total amount. There is no fee for unsuccessful bids.

Tim Draper and Barry Silbert are among other notable players who have announced plans to participate.