Pantera Capital CEO: Bitcoin to reach $115,000 in eight months

Bitcoin’s price will reach $115,000 by August 2021, Pantera Capital’s chief executive Dan Morehead confirmed his forecast. Blockworks.

He said the first cryptocurrency had spent three years well below its long-term growth trajectory and is still not overvalued.

“Six months ago, Bitcoin’s market capitalization was the same as L’Oréal Cosmetics. Now it has overtaken Facebook. It’s a huge difference in how the market perceives it,” added Pantera Capital’s chief executive.

Pantera Capital’s chief technology officer Joey Krug said, “This is not the same as in 2017.” He said that back then most projects were simply ideas on paper.

Beyond greater market maturity, Pantera noted growing interest in cryptocurrencies from institutional investors and central banks.

Morehead is confident that the issuance of central bank digital currencies will attract billions to the market. These potential users do not have access to banks, but they do have smartphones, the hedge fund’s CEO said.

The firm also highlighted the growing role of the decentralized finance (DeFi) sector, which grew rapidly last year. According to Pantera, the total value of assets locked in DeFi protocols reached $19 billion, up from $1 billion in January 2020.

In December, the firm led an investment round of $12 million in the DeFi project 1inch.

Earlier, in May 2020, Morehead, in a letter to investors, justified Bitcoin’s rise to $115,000 by August 2021. In March, he predicted the cryptocurrency would reach $20,000 by year-end.

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