Digital assets-focused investment firm Pantera Capital is making headlines with a massive return on its Bitcoin fund that dates back to 2013. According to Pantera Capital CEO Dan Morehead, the Pantera Bitcoin Fund has recently achieved an incredible milestone of 1,000x return.
In the latest Blockchain Letter, Morehead shares that the fund has seen a surge of 30% post-election, bringing its lifetime return to an impressive 131,165% net of fees and expenses. Morehead attributes this success to the increasing adoption of Bitcoin, especially with the election of pro-crypto Donald Trump as US president.
He points out that only 5% of the world’s wealth has invested in Bitcoin, leaving significant room for growth. Morehead believes that regulatory clarity in the United States, coupled with the entry of institutional giants like BlackRock and Fidelity into the crypto space, will drive greater adoption of Bitcoin as an asset class.
With this increased adoption, Morehead predicts that Bitcoin could soar by more than 687% from its current value. He envisions a future where Bitcoin reaches a value of $740,000 per BTC as more investors and individuals embrace blockchain technology.
In a recent interview on CNBC’s Squawk Box, Morehead expressed his confidence in Bitcoin’s future, stating that he no longer believes Bitcoin has a chance of going to zero. With 50 million people in the US and 300 million globally owning Bitcoin, coupled with institutional support from companies like BlackRock and Fidelity, Bitcoin has reached what Morehead calls “escape velocity.”
At the time of writing, Bitcoin is trading at $93,931, marking a 152% increase for the year. Morehead’s bullish outlook on Bitcoin’s future reflects the growing mainstream acceptance of cryptocurrency as a legitimate investment asset.
As Bitcoin continues to gain traction and adoption, Pantera Capital’s success with its Bitcoin fund serves as a testament to the potential of digital assets in the financial landscape. With regulatory clarity and institutional support on the rise, the future looks bright for Bitcoin and the broader blockchain industry.