Buying Bitcoin in 2013 Was Like Acquiring ‘Gold in 1000 BC,’ Says Pantera CEO
Dan Morehead, founder and managing partner of Pantera Capital — the first cryptocurrency fund in the United States — once compared buying Bitcoin to acquiring gold during the Iron Age.
In a Nov. 26 blog post, Morehead revealed that his fund has grown by over 130,000% since its initial investment.
Recalling a conversation from August 2013, he said, “I was discussing Bitcoin with an investor yesterday who dismissed it, saying, ‘It’s just like buying gold.’ I replied, ‘No, it’s like buying gold in 1000 B.C.’”
Dan Morehead, founder of Pantera Capital, highlighted that approximately 5% of global financial wealth is now exposed to Bitcoin — a figure he expects to grow as regulatory clarity in the United States accelerates Bitcoin’s institutional adoption.
According to Morehead, financial giants like BlackRock and Fidelity launching spot Bitcoin exchange-traded funds have initiated a “massive transformation” in the market. He predicts Bitcoin could eventually become a $15 trillion asset, driving its price to around $740,000 — a staggering 667% increase from current levels. Morehead anticipates this milestone could be reached by April 2028.
