Bitcoin has a chance of hitting $740,000 in less than four years’ time.
That’s according to hedge fund Pantera Capital’s founder and managing partner Dan Morehead, who made the case in a Tuesday note to investors.
His argument? The regulatory clarity from a second Donld Trump administration will encourage more institutional investment into the top cryptocurrency, which he said has already seen its value double every year for the past decade.
“While the past does not necessarily predict the future, if the trend were to continue, Bitcoin would hit $740,000 in April 2028,” Morehead wrote.
The prediction comes as Bitcoin is trembling just below the $100,000 mark. The cryptocurrency has risen almost 40% over the past 30 days, catapulted to its new heights after Trump’s election win on November 5.
Trump positioned himself as a pro-crypto candidate during his campaign. With Republicans winning the White House, Congress and Senate, the industry expects him to deliver on his pro-industry pledges.
Institutional backers
Morehead’s comments add to a chorus of market watchers suggesting that Bitcoin will climb as high as $200,000 over the next year.
Like UK bank Standard Chartered and research firm Bernstein, Pantera Capital’s founder says that growing institutional adoption from investment giants like BlackRock will supercharge the cryptocurrency’s price.
So far, he says that roughly 5% of institutional investors have tapped into Bitcoin, leaving it with plenty of room to grow.
To be sure, Morehead cautioned that it will probably take longer than April 2028 for Bitcoin to hit $740,000, but added that “there’s a decent chance” it will.
“I wouldn’t bet my life on it, I’m not 100.00% sure blockchain assets will go up, but when you multiply the chance it goes up times the order of magnitude or more the industry is potentially going to go up — the result ends up being way better than other assets one could invest in.”
Morehead made the comments 11 years after the hedge fund first launched its Pantera Bitcoin Fund, which the firm says has seen its value increase 1,000 times over since.
“Even after 11 years, Bitcoin is still squeezing up like a watermelon seed,” he said.
Eric Johansson is DL News’ News Editor. Got a tip? Email eric@dlnews.com.
