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Pantera Capital founder Dan Morehead is anticipating a $700,000 Bitcoin price on the heels of rising adoption rates. Launched in 2013, Pantera Capital is a crypto asset management firm that currently oversees more than $2.8 billion in assets.
In an interview on Yahoo Finance Live, Morehead outlines his bullish thesis, saying that the top crypto asset could hit $700,000 once everyone with a smartphone connects to the BTC network.
“We did a study showing the number of people using Bitcoin over the years and [the] price of Bitcoin. Both of those data series went up by an order of magnitude every two years. If that kept going, that would put Bitcoin at $700,000 when everybody with a smartphone uses it. Ten years’ time is a reasonable forecast.”
In other trending Bitcoin News today: $45B Asset Manager GoldenTree Has Reportedly Bought Bitcoin
The number of large institutions accumulating BTC continues to increase, with the latest example coming from GoldenTree.
GoldenTree Asset Management, a US asset management giant with $45B in AUM, has reportedly purchased portions of the primary cryptocurrency. The move aims to diversify some of the organization’s already existing strategies.
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DISCLAIMER: This is NOT financial advice. The views and opinions expressed in this video are just opinions, nothing more. Trading is very risky, especially when trading with leverage. Seek financial advice from a professional and trade at your own risk because I am not responsible for any investment decisions that you choose to make.
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