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Blockchain investment firm Pantera Capital says Bitcoin looks like it will break the $100,000 level sooner than they originally forecasted.
In a new letter to investors, CEO and co-chief investment officer Dan Morehead notes that when BTC plummeted in March of 2020, he assured investors that it would set a new record within 12 months as institutional investors started making allocations.
“It took a few months to stabilize. A few months for the rally to build steam. Now it’s full on. My instinct from trading many cycles over 35 years is that crypto prices are going to melt-up. We’ll see much higher prices before this cycle is over.”
Morehead says Bitcoin is now rallying ahead of Pantera’s original projection. The CEO of the blockchain investment company highlights that as of March 15th, 2021, BTC is already three weeks ahead of schedule based on an analysis of the BTC stock to flow ratio (S2F) after the third halving.
Bitcoin broke the $60,000 mark on March 13th, exceeding Pantera’s original prediction of $52,943 for March 15th, 2021. Morehead concedes that BTC is outpacing their forecast and is now on track to reach $115,000 in a few weeks.
“Bitcoin is now ahead of our April 2020 forecast schedule — to hit $115,000 this summer.”
According to the firm, exposure to Bitcoin and the digital asset space has allowed their performance to skyrocket. Morehead also mentions the outstanding performance of the decentralized finance (DeFi) sector.
“Since publishing our March 2020 investor letter, which outlined our core thesis that unlimited money printing will push up the price of things whose quantity cannot be eased, Pantera Funds are up immensely.
In addition, the power of DeFi is emerging in the returns of our hedge funds. DeFi assets are out-performing even the remarkable performance of bitcoin.
We believe we are at the beginning of a multi-decade transformation.”
In other trending Bitcoin News today:
Rich Dad Poor Dad Author Says He’s Buying Bitcoin and Ethereum, Economy Is Screwed
Rich Dad Poor Dad author Robert Kiyosaki says he is racing to buy Bitcoin, Ethereum, and precious metals as the economy weakens.
In a new Rich Dad Radio Show podcast episode, the best-selling author and entrepreneur says that while he does not wish to argue over which store of value asset is superior, he is currently scrambling to own as much BTC, ETH and gold as he can.
“So I’m just grateful I have a lot of gold, silver, Bitcoin and Ethereum and I don’t get into the argument. Peter Schiff is always arguing about gold and silver and Max Keiser’s arguing back, and I think, ‘Why the heck are you guys arguing?’ Just get as much as you can right now because the government is screwed. We’re screwed. Our whole economy is screwed. We’re so deeply in debt, it’s like sinking into quicksand right and you’re arguing about gold, silver, Bitcoin. Just buy something.”
Last year, Kiyosaki predicted Bitcoin would break the $50,000 level in 2021. He said that this bet wasn’t necessarily based on the strength of Bitcoin, but in the weakness of the US economy and government.
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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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