Dan Morehead, founder of Bitcoin fund operator Pantera Capital, predicts that with 'blockchain-supporting' President-elect Trump set to return to the White House, Bitcoin could soar to $740,000.
Dan Morehead stated in a blog post that his company's cryptocurrency-focused 'Pantera Bitcoin Fund' has recorded an astonishing return of up to 131,165% since its launch in 2013.
According to Dan Morehead, the growth trajectory of Bitcoin is very stable; if it continues on this trend line, Bitcoin will rise to $740,000 by April 2028.
He mentioned that since Pantera started investing, the compound annual growth rate of Bitcoin has been about 88%, which means that it has almost doubled every year.
He said, 'Compared to the $500 trillion financial assets, this is not an unimaginable number.' If the price of Bitcoin reaches $740,000, it would bring the total market value to $15 trillion.
Recently, Bitcoin approached the $100,000 mark, mainly due to positive post-election outlooks, and many financial markets were also driven by this optimistic atmosphere. Dan Morehead stated that Trump has reignited people's confidence and believes that regulatory clarity in the cryptocurrency space will benefit the entire industry. He said:
We believe that a broader industry will benefit from the first U.S. president to support blockchain in office.
We believe that the success of blockchain aligns with the best interests of the United States, and we believe that everyone in Congress will ultimately take a neutral or supportive stance on blockchain; the regulatory headwinds for blockchain over the past 15 years are now beginning to turn into tailwinds.
Dan Morehead pointed out that Pantera started investing in Bitcoin at the lowest point 11 years ago, when the trading price of Bitcoin was only $65. He also quoted a letter he wrote to investors 10 years ago, stating that Bitcoin is 'the first global currency since gold' and also 'the first cross-border payment system in history.'
Dan Morehead stated that Bitcoin currently has a market cap of about $2 trillion, which should rank it sixth compared to publicly traded companies, surpassing Facebook's parent company Meta.
Pantera was founded in 2003, and founder Dan Morehead was formerly a bond trader at Goldman Sachs. The fund company was initially a global hedge fund but shifted its focus to cryptocurrency in 2013, establishing the first cryptocurrency fund, the 'Pantera Bitcoin Fund'.
"Optimistic about Trump driving the cryptocurrency market to soar! Pantera founder predicts: Bitcoin will soar to $740,000 in 4 years" this article was first published on (Blockcast).
