Pantera Capital chief: Bitcoin could reach $100,000 within two years

CEO of the Pantera Capital cryptocurrency hedge fund Dan Morehead, in a Thinking Crypto podcast, confirmed his expectations regarding a six-figure Bitcoin price. He also reported a large share of Ethereum, Polkadot, Filecoin, Augur and 0x in the company’s portfolio.

The CEO of the cryptocurrency hedge fund remains optimistic about Bitcoin’s prospects. According to Morehead’s calculations, its price triples over a long time horizon. This occurs despite headlines about manic bull and bear rallies.

Morehead also believes that, due to the market’s inherent inefficiency, the impact of the halving is not strongly reflected in BTC’s price before it occurs.

“The last two halvings were preceded by clear positive momentum. They began roughly five quarters before the twofold reduction in mining rewards and continued 440 days after this event. The main movement occurred in the second phase,” he shared his observations.

Based on analysis of previous halvings, Pantera Capital analysts suggested Bitcoin has potential to rise to $115,000 by next August. Morehead believes such a scenario is ‘quite possible’. But his personal forecast is $100,000 within two years.

The Pantera Capital chief likened Bitcoin’s prospects to early-stage venture-investment forecasts. In his view, ordinary investors should invest no more than they are willing to lose, and should aim to hold positions for 10-15 years.

Morehead also noted the rapid development of custody services. He is confident that the emergence of such platforms has created conditions for institutional investors to enter. However, the Pantera Capital chief is convinced whales are unlikely to queue up; the process of institutionalization will be gradual.

“There is a misconception that there will be a lightning-fast transition as if flipping a light switch—from ‘off’ to ‘on’. This is not a straightforward matter. Institutional investors were around in 2013 as well. It is possible that well-known and respected institutions will emerge within five years. This is a process. It is ongoing”, he concluded.

In total, Pantera Capital manages assets of about $600 million, a portion of which belongs to Morehead himself.

Messari analyst Ryan Watkins estimated Bitcoin at $50,000 on the assumption that institutions allocate 1% of their funds to Bitcoin.

Fidelity Investments found that 36% of 774 large clients surveyed in the United States and Europe added digital assets to their portfolios.

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