Pantera founder Dan Morehead has backed Bitcoin to hit $740,000 by April 2028. The prediction did not come as a surprise as many crypto enthusiasts have been backing the asset to do wonders after Trump’s election win. The former Goldman Sachs Group bond trader established Pantera in 2003, serving as a global hedge fund initially.
The company would later shift its focus in 2013, creating its first-ever crypto fund, the Pantera Bitcoin Fund. Morehead noted that the company grew with Bitcoin, following its sporadic rise over the last 11 years. The Pantera founder added that during the company’s first investment, Bitcoin was priced at $65 per token. In his letter to investors over 10 years ago, he mentioned that Bitcoin could be a global currency like gold while doubling as the first borderless payment system.
Pantera founder analyzes his Bitcoin prediction
According to Dan Morehead, the figure is attainable, relating it to $500 trillion worth of financial assets. He clarified that if one Bitcoin sold at $740,000, the market cap would be around $15 trillion. He mentioned that the recent Bitcoin momentum that saw it tough close to $100,000 while hitting other all-time highs is a good sign. Bitcoin’s success has put other financial assets in a positive light.
Morehead clarified that Trump’s victory, and a promise to treat the crypto industry the right way could birth regulations that will help the sector’s growth. “We believe the broader industry will benefit greatly from the first pro-blockchain U.S. president in office,” he added.
Morehead also discussed the environment at the Congress, noting that he believes the members would eventually be neutral or favor crypto. “In our view, blockchain’s success is in the best interest of the nation, and we believe everyone in Congress will eventually adopt a neutral or pro-blockchain stance – it’s beginning to happen. Blockchain’s 15-year regulatory headwinds are now turning into tailwinds,” he said.
Morehead also discussed Bitcoin’s $2 trillion market cap, saying it could rank as the sixth biggest publicly traded firm, surpassing tech company Meta. Pantera revealed that the post-election surge saw its fund gain 30% while noting that it is up by 131,165%, minus fees and other expenses. The firm also said it acquired 2% of the entire BTC supply between 2013 and 2015 while noting that the asset still had many more years of flight ahead.
Bitcoin eyes the $100,000 mark as traders anticipate
According to recent reports, traders are anticipating a six-figure push by Bitcoin, despite the asset hovering around the $90,000 zone. On-chain data show that some options traders are confident of the asset reaching $150,000. DeFi protocol on-chain options founder Nick Forster revealed that Bitcoin’s odds of breaking into $100,000 has increased from 34% to 45%. The asset also has a 4% probability of touching $150,000.
The report also revealed there are few sellers in the market, with the data showing that Bitcoin could either drop to around $80,000 or break into the $115,000 mark. Meanwhile, the asset has a 5% probability of dropping to $68,000 or hitting $137,000. However, other observers are skeptical about the report, with most noting that it could drop by 20%. An analyst positioned that Bitcoin could hit $70,000 if it continues to maintain a close connection with the total money it circulates.