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Dan Morehead, founder of Pantera Capital, says the Bitcoin price has a pretty good shot at hitting $100,000 per BTC by the end of next year.
Along with Micheal Sonnenshein of Grayscale Investments, together they share their bullish forecasts on the Bitcoin (BTC) price trajectory.
On a new episode of the Money Movement podcast, Morehead says he and his firm remain bullish on the godfather of cryptocurrency.
He believes BTC is gearing up for another bull run that would be deemed “ludicrous” by traditional standards.
“[Bitcoin’s] got a nine-year 209% compound annual growth rate and we think it will continue, and it’s just that simple. It has some bubbles, it has some down trades, but if it got back on that trend it would be at $100,000 at the end of next year.
In the normal markets, saying something goes up 10x is ludicrous and you’d be ridiculed but, it happens every three or four years and all the factors are coming together. So I think it is a pretty good shot that hits $100,000 at the end of next year.”
Sonnenshein says people shouldn’t be putting money into Bitcoin unless they can afford to lose it.
He cites a recent report from Grayscale that compares BTC’s current market structure to 2016 before the coin began a historic 4,400% rally.
“In my opinion, Bitcoin is not something people should be putting more money into than they can afford to lose. Think of it as an early-stage technology.
Buyer beware, it does have those 80% drawdowns, but from here, Bitcoin is either a hell of a lot higher and a lot more valuable than it is today, or something somehow comes along and displaces Bitcoin and we all move on to something else.”
In other trending Bitcoin News today:
This Newly Created Crypto Asset Just Surged 6,200% – And Bitcoin Trader Josh Rager Says It’s Just Getting Started
Crypto strategist and trader Josh Rager is a keeping a watchful eye on a new crypto token that has skyrocketed by about 6,200% in less than a month.
Rager tells his 87,000 Twitter followers he sees Shroom.Finance (SHROOM) doubling in value in the next 30 days.
“SHROOM is currently near $0.01 and if MEME can go from $30 to $1600 in one month, there’s no reason why SHROOM can’t go from current price to $0.50+ the coming month if Shroom bridges gaming, DeFi and NFTs, especially as liquidity is added in the coming weeks as LPs will be rewarded.”
According to its website, Shroom.Finance is a fork of the Sushiswap protocol.
The new crypto asset seeks to build community-owned DEXes (decentralized exchanges) that specialize in the $10-billion in-game asset industry.
“We foresee a future where in-game assets, fungible and non-fungible, trade freely in a decentralized fashion, and we are here to take that spot and facilitate the ownership to a community of gamers.”
Rager points to the emergence of the widely-talked about non-fungible tokens (NFTs) as a possible bullish catalyst for SHROOM.
“Let’s just say NFTs are one of the hottest trends to hit 2020. And Shroom Finance team is building a decentralized ecosystem for in-game assets trading and minting. This includes NFTs (ERC-721, ERC-1155) and ERC-20 token standards. I’m really bullish on SHROOM for long term.”
The trader also says that Shroom.Finance’s new DEX will allow SHROOM holders to participate and generate income via yield farming.
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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.