Bitcoin maintains its bullish trend, and optimism about its growth potential continues to gain strength among the main market players.
In early December, the currency surpassed the $100,000 and reached an all-time high of $108,000 on December 17, as you see in the graph of TradingView.
BTC price. Source: TradingView.
However, for Dan Morehead, founder and partner of the firm Pantera Capital, this is just the beginning for bitcoin. The executive believes that “bitcoin at $740,000 is feasible,” he said during a Blockchain-letter/escape-velocity/” target=”_blank” rel=”noreferrer noopener”>interview with the American network CNBC.
Morehead highlights that it has risen three orders of magnitude since the launch of the Pantera Bitcoin Fund, a fund that allows investors to access bitcoin without the technical complexities of its purchase and storage.
“I think it could go up a quarter,” he said, referring to the growth that has already multiplied the value of the fund 1,000 times.
This projected increase would put bitcoin’s market cap at $15 trilliona figure that, according to Morehead, remains modest compared to the $500 trillion in traditional financial assets.
Despite his optimism, Morehead remains cautious. Recognizes that, although bitcoin has had significant growth in the last decade, this behavior is not guaranteed.
However, he noted that the adoption of bitcoin by 50 million Americans and 300 million people worldwide, as well as advances in products such as bitcoin ETF in cash, managed by BlackRock and Fidelity, support your growth potential.
The pending entry of large institutions
Despite the progress, Morehead Emphasizes that institutional participation in bitcoin and other cryptocurrencies remains limited.
He indicated that most progressive institutions have only allocated between 1% and 2% of their allocation to digital assets. “The institutional average is still zero,” he stated.
However, he believes that this will change in the coming decades, as cryptocurrencies become more deeply integrated into the financial system.
Pantera Capital bets on TON
Pantera Capital’s focus is not limited to bitcoin. The signature also has invested in toncoin (TON), the native Cryptocurrency of The Open Network, as reported by CriptoNoticias.
Cosmo Jiang, portfolio manager at Pantera, highlighted the integration of TON into Telegram, a messaging application with more than 900 million monthly active users. Telegram has incorporated a cryptocurrency wallet into its platform, which has increased the adoption of TON.
Although Telegram and TON do not have a formal relationship, their shared history has facilitated TON’s success. Jiang stressed that Telegram’s mini applications, mainly games, have been key to its traction in the market.
Backed by technological advances and growing global acceptance, Pantera Capital projects an optimistic future for bitcoin and other cryptocurrencies. While acknowledging the challenges and lack of mass institutional participation, Morehead believes the market is in its early stages. Long-term adoption could cement bitcoin as an integral part of the global financial system.
Crypto Keynote USA
For the Latest Crypto News, Follow ©KeynoteUSA on Twitter Or Google News.
