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Pantera: Memories 2013-15 bought 2% of the world's Bitcoin, achieving a 1000x return

The post-election surge has further increased the fund by 30%. The fund's total return has now reached 131,165% (after fees and expenses). The day we chose to launch the Pantera Bitcoin Fund was actually the lowest point in the past eleven years. From 2013 to 2015, we purchased 2% of the world's Bitcoin. Frankly, I can't help but think that we still have many years of very attractive return periods ahead. The catalyst for change from 5% in 2024 to a higher ratio has just occurred: regulatory clarity in the United States. We believe that the entire industry will greatly benefit from the first pro-blockchain U.S. president taking office. I still fervently believe in the viewpoint I wrote down eleven years ago: I believe the likelihood of global adoption of a global currency/payment system exceeds 50%, in which free cryptographic technology replaces the high 'trust' fees charged by institutions like banks, Visa, MasterCard, Western Union, and PayPal. Bitcoin replaces cash, electronic fiat currency, gold, bearer bonds, large stone money, etc. It can do all these things. It is the first global currency since gold. It is the first borderless payment system in history. This remains my feeling. We are still in the early stages. 95% of financial wealth has yet to venture into blockchain. When they do, Bitcoin could reach levels similar to $740,000/BTC. My global macro background is what initially brought me to blockchain. The asymmetry of this trade—in the world's largest market—makes this opportunity far exceed the trades we have pursued globally in the past. I think this is the most asymmetrical trade I have ever seen. I believe the democratization of finance will ultimately be more important. Bitcoin has recently surpassed Meta. I believe achieving financial inclusion for every person on Earth with a smartphone will be more meaningful. There are five more targets to surpass (Google, Amazon, Microsoft, Apple, Nvidia).