Morehead calculated the price of Bitcoin at USD 700,000 over the next ten years, despite recent price drops and volatility. US lawmakers introduce bills to regulate the use of cryptocurrencies while other countries continue to support these assets.
The pioneering cryptocurrency reached its all-time high this year but is going through a considerable setback right now. Pantera CEO Dan Morehead is among those wondering whether it will soon resume the bullish rally. He recently revealed his predictions for Bitcoin (BTC), highlighting the high prices and estimates.
According to a Reuters report, Morehead made a couple of predictions about the price of Bitcoin. The CEO said where he thinks the price will end up, considering increased regulatory action against cryptocurrencies.
A growing number of institutional investors have access to the cryptocurrency that Satoshi Nakamoto created. Many of them see the recent drops in the price of Bitcoin as a buying opportunity to invest in Bitcoin.
Dan Morehead Predicts the Price of Bitcoin Will Keep Rising
Regarding the price of Bitcoin by the end of 2021, Morehead estimated that it would be between USD 80 thousand and USD 90 thousand. The executive also calculated that the value of BTC would reach more than USD 120 thousand in a year.
Beyond the predictions, the CEO calculated the price of the cryptocurrency would reach USD 700,000 in the next ten years. The recent drops in the price of Bitcoin and its volatility do not seem to faze Morehead as its price predictions remain high. That occurs despite speculation that the cryptocurrency market could take a long bearish direction.
Relevance of the Cryptocurrency Market Worldwide
Regarding the direction of regulation in the market, the CEO of Pantera explained that regulatory scrutiny would increase. For example, he pointed to the recent regulatory actions of different countries against Binance. Morehead views the increased regulatory scrutiny as a transition phase for the cryptocurrency market.
Crypto assets have seen the rise of regulatory debates from countries around the world. US lawmakers continue to introduce bills that seek to provide adequate regulations.
At the same time, other countries continue to favor cryptocurrencies. Earlier this year, the President of El Salvador announced that they would accept Bitcoin as legal tender. The entry into force of the respective law will occur in September.
Bitcoin Will Help People During Economic Crises
The CEO of Pantera believes that cryptocurrencies like Bitcoin will help people cope with economic crises. He said in 2020 that the United States had been printing more fiat money than during the two centuries after its founding.
It is precisely the limited issuance of the pioneering cryptocurrency that makes it more valuable and convenient than fiat money. However, the excess of banknotes in circulation has an opposite effect on the economy, which contracts instead of growing.
The authorities of different countries know the potential of the cryptocurrency, so they seek to tighten the regulations on it. However, some people and institutions support investing in Bitcoin and other decentralized cryptocurrencies. Even some of those who attacked it in the past now show a positive attitude towards it.
By Alexander Salazar