Bitcoin “is a screaming buy right now,” said Dan Morehead, the chief executive officer of the Pantera Capital Management LP hedge fund with a capital of $ 1 billion.
Forward to new heights
In an interview with Bloomberg Television, Morehead said that Pantera invested 10 percent of its investments in Bitcoins. The price of bitcoin at the end of last year approached $ 20,000 and then retreated to about half of it in the following months.
Morehead expects Bitcoin to recover and reach new highs within 12 months. As digital tokens continue to increase and find more extensive use,
the $400 billion crypto market could balloon to $4 trillion, he said, and even $40 trillion is “definitely possible”
Increased interest in the cryptocurrency by large investors
Over the past two years, hundreds of hedge funds focused on the cryptocurrency, have opened. Their desire to earn money on high-volatility coins and blockchain technology. Which in turn can use for everything from cross-border payments to tracking elements in the supply chain?
The interest of institutional investors in tokens is also growing, Morhed said. He noted that in the early days the crypto was considered “skanky.”. And although today only 10 percent of their partners are institutions, it is likely this will change in the next 18 months, he said. Morehead pointed to the listing of last year’s cryptocurrency futures, as well as Wall Street’s growing interest in clearing the crypto-currency trades.
“Anything that’s a $400 billion asset will not be ignored for long”