Pantera CEO Dan Morehead compares buying Bitcoin (BTC) in 2013 to owning gold in 1000 BC. Learn how Pantera’s first Bitcoin (BTC) investment grew over 130,000%.
Pantera Capital’s Bitcoin Journey: From $74 to $15 Trillion Potential
Dan Morehead, founder and managing partner of Pantera Capital, described buying Bitcoin (BTC) in 2013 as akin to owning gold during the Iron Age. Speaking in a Nov. 26 blog post, Morehead revealed that Pantera’s first Bitcoin (BTC) purchase at $74 in July 2013 has yielded a lifetime return of over 130,000%.
Bitcoin's "Escape Velocity" and Long-Term Outlook
Bitcoin (BTC) as a Gold-Like Asset
Morehead recalled telling a skeptical investor in 2013:
“Bitcoin isn’t just like buying gold — it’s like buying gold in 1000 BC.”
At that time, Bitcoin was largely unknown, with less than 1% of global financial wealth exposed to it. Morehead argued that Bitcoin (BTC) could go either to zero or grow exponentially.
Mass Adoption and Institutionalization
Today, Morehead believes Bitcoin (BTC) has achieved “escape velocity,” with over 300 million holders globally and 5% of financial wealth exposed to the cryptocurrency.
He cited increasing regulatory clarity and the approval of spot Bitcoin ETFs by giants like BlackRock and Fidelity as catalysts for further institutional adoption.
Bitcoin's Road to $15 Trillion Asset Class
Morehead predicts Bitcoin (BTC) could become a $15 trillion asset, equating to a price of $740,000 per BTC — a 667% increase from current levels.
Timeline: By April 2028, according to his projection.
Rationale: Continued institutional adoption and broader integration into global finance.
Reflections on Bitcoin's Early Volatility
Challenges in Bitcoin’s Early Days
Morehead recalled Bitcoin’s 87% crash in December 2013, just six months after Pantera’s first investment. Despite the setbacks, he remained confident in Bitcoin’s long-term potential, even after 170 investor meetings yielded just $1 million in commitments.
Missed Opportunities
During Pantera’s early adoption of Bitcoin for corporate expenses, the firm spent 88 BTC (now worth $8.6 million) on hotel stays, sparking a humorous reflection:
“We could’ve bought two hotels with that money!”
Current Market Snapshot
Bitcoin is trading at $95,135, up 2.7% over the last 24 hours, signaling continued momentum amid growing institutional interest and market optimism.
Bitcoin’s Long-Term Potential
Dan Morehead’s journey with Bitcoin exemplifies the transformative power of early adoption. With predictions of Bitcoin (BTC) reaching $740,000 by 2028, the cryptocurrency continues to evolve as a cornerstone of global financial systems, driven by mass adoption and institutionalization.
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