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Pantera's Bitcoin Fund Achieves 1000x Return; CEO Predicts Bitcoin at $740,000, Calls It 'Better Than Gold'

Nov 26, 2024, 04:24 PM

Pantera Capital's Bitcoin Fund has achieved a significant milestone, reaching a 1000x return since its inception in 2013, resulting in a lifetime gain of 131,165% after fees and expenses. The fund, managed by CEO Dan Morehead, had accumulated 2% of the world's Bitcoin between 2013 and 2015. Morehead believes that Bitcoin has "reached escape velocity," suggesting that it could continue to appreciate significantly. He predicts that Bitcoin could reach a $15 trillion market capitalization, equating to a price of approximately $740,000 per Bitcoin by April 2028. Speaking on CNBC's "Squawk Box," Morehead described Bitcoin as "better than gold, paper money, Visa, [and] Mastercard," and noted that "we don't have another currency to save our reserves in so to save it in Bitcoin would be a great strategic move." He also mentioned that the cryptocurrency has become widely adopted, with approximately 50 million Bitcoin holders in the U.S. and 300 million globally, and that institutional players like BlackRock and Fidelity are facilitating its purchase. Morehead suggested that Bitcoin could eventually reach a $50 trillion market cap, emphasizing his confidence in its continued growth.