Bitcoin could hit $740,000 by 2028: Pantera Capital CEO
Dan Morehead — the CEO of venture capital firm Pantera Capital — has suggested that Bitcoin (BTC) still has much room for growth.
Morehead wrote in a Tuesday letter to investors that Bitcoin could reach as high as $740,000 by April 2024. His predictions are based on an analysis of historical trends, the election of pro-crypto presidential candidate Donald Trump in the United States and a majority crypto-friendly Congress in the nation.
The detailsMorehead argues that Bitcoin’s value would grow a lot more, with just 5% of all financial wealth being invested in digital assets. He wrote:
“Even after eleven years, bitcoin is **still** squeezing up like a watermelon seed. […] Blockchain’s 15-year regulatory headwinds are now turning into tailwinds.”
Pantera Capital’s Bitcoin fund — launched back in 2013 — is now reaping significant returns of over 131,000% accumulated in eleven years, excluding expenses and fees. Those returns are largely attributable to the fund’s Bitcoin growing its value by over 1,000 times over, with an entry price of about $74 per BTC.
At the time of writing, Bitcoin is trading at nearly $95,180 after losing 0.8% over the last 24 hours and over 2% over the last seven days. The cryptocurrency’s market cap currently stands at $1.88 trillion. Morehead thinks this is just the beginning:
“I can imagine an investor thinking: ‘Bitcoin has doubled this year. Well, I guess I missed it.’ and giving up.
No, that’s the wrong mindset. On average, it almost doubles **every** year. The compound growth rate since we launched the fund eleven years ago is 88%.”
The report follows a long series of bullish news for the world’s first cryptocurrency. Earlier this month, United States-based Bitcoin spot exchange-traded fund (ETF) net assets under management broke $100 billion for the first time.
Earlier this week, a Brazilian Congressman proposed for the nation to create its own Bitcoin reserve. The reserve would buy BTC with up to 5% of Brazil’s international reserve funds—currently amounting to about $372 billion.
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