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In summary
- Pantera Capital predicted Bitcoin could reach $740,000 by April 2028, boosted by pro-crypto regulatory support in the US.
- Pantera’s Bitcoin fund has grown 131,000% since its launch in 2013, with gains driven by early purchases.
- Dan Morehead emphasized that Bitcoin is still in an early stage and has significant potential for future growth.
Pantera Capital predicts that the price of Bitcoin could exceed $700,000 in 2028, shortly after the asset sailed towards a six-figure valuation per token last week.
Pantera Capital CEO Dan Morehead said Tuesday in a letter to investors that Bitcoin could reach $740,000 by April 2028, based on historical trends, due to the election of pro-crypto President-Elect Donald Trump and a US Congress. US mostly favorable to digital assets.
And with only 5% of financial wealth invested in Blockchain-related assets, Morehead believes the price of Bitcoin has plenty of room to grow.
“Even after 11 years, Bitcoin is still growing like a watermelon seed,” Morehead said. “Blockchain’s 15-year regulatory headwinds are now turning into tailwinds.”
The executive’s bullish prediction comes amid good news for the hedge fund: Pantera Capital’s Bitcoin Fund, launched in July 2013, is seeing gains of more than 131,000% over the past 11 years, excluding expenses and fees.
Those huge gains are due to the hedge fund’s Bitcoin value increasing more than 1,000 times since it first bought the asset at $74 per token more than a decade ago.
The world’s oldest digital currency is trading for around $96,300 at the time of writing, according to data from CoinGecko.
Despite Bitcoin’s astronomical growth, Morehead believes it is still “early” for the leading Cryptocurrency and there is still plenty of room to grow.
“I can imagine an investor thinking, ‘Bitcoin has doubled this year. Well, I guess I missed that,'” Morehead said in the letter. “That’s the wrong mentality.”
Edited by Andrew Hayward
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