Pantera’s CEO and founder, Dan Morehead, says $40 trillion cryptocurrency market capital is “Definitely Possible”. Since its start in 2011, the cryptocurrency hedge fund, Pantera has close to $1billion in assets under management.
This Tuesday Pantera´s CEO said in an interview with Bloomberg that in his opinion, the “fair value of blockchain” and the cryptocurrency market cap is an order of magnitude or two above where it currently sits.
“Obviously, we’re very bullish on the space. We think we’re way below, maybe an order of magnitude — or two — below the real fundamental fair value of blockchain,”
Later in the interview he added that, “the industry as a whole is $400 billion. It easily could go to $4 trillion, and $40 trillion is definitely possible.”
For this to happen it would have to increase an approximate of 10,000 percent of its current level and Bitcoin price would reach $1 million if share distribution held constant. Morehead also added that BTC remained a “screaming buy” even after its moderate recovery. This is the second of Pantera´s recommendations for Bitcoin this year. After dipping below its 200-day moving average, this recommendation has led to a profit of 29%, approximately $2000. This is highly beneficial for Pantera, as about 10% of its assets are based on BTC.
Watch the complete interview here: https://www.bloomberg.com/crypto
by Samuel Larreal