Dan Morehead, founder and CEO of Pantera Capital — the first crypto fund in the United States — is forecasting that the price of Bitcoin could smash $700,000 in 2028, roughly a week after the flagship crypto rocketed toward a six-digit price.
Despite Bitcoin’s astronomical growth in recent months, Morehead thinks it’s “still early” for BTC and that the cryptocurrency’s bull market has yet to run.
Bitcoin’s Path To $740,000
Dan Morehead noted in a Nov. 26 blog post that 5% of financial wealth is now exposed to Bitcoin. Yet, that figure is set to increase with more regulatory clarity in the U.S. as pro-blockchain president-elect Donald Trump heads back to the White House.
This would result in faster institutionalization of Bitcoin. BlackRock and Fidelity with spot Bitcoin exchange-traded funds have started a “massive transformation,” posited Morehead.
“It’s [Bitcoin] already done three orders of magnitude,” Morehead wrote. He revealed that his investment company’s crypto-focused Pantera Bitcoin Fund, which was launched in 2013, has notched an over 131,000% lifetime return on its first Bitcoin purchase at $7. “Another one seems plausible.”
Per the Pantera CEO, Bitcoin has been on a trendline that will push its value to roughly $740,000 by April 2028 (a nearly 670% growth from the current price point) if it continues its growth pattern. The world’s oldest cryptocurrency was trading for about 2.3% higher at around $95,294 at publication time.
“I just can’t help thinking that we still have many more years of very compelling returns.”
$15 Trillion Market Cap For Bitcoin
$740,000 is “not an inconceivable number, relative to $500 trillion in financial assets,” he explained. At this price, Bitcoin would boast a market capitalization of a whopping $15 trillion.
“I can imagine an investor thinking: ‘Bitcoin has doubled this year. Well, I guess I missed it,’” Morehead said. “That’s the wrong mindset.”
Furthermore, Morehead told CNBC’s Squawk Box on Nov. 27 that he doesn’t think Bitcoin could ever crash to zero now as it has reached “escape velocity” with 300 million investors around the world owning it.
