Dan Morehead runs Pantera Capital, a blockchain investment fund. During a Bloomberg Television interview yesterday, he called bitcoin \"a screaming buy right now.\" He also predicted the crypto market c
Dan Morehead runs Pantera Capital, a blockchain investment fund. During a Bloomberg Television interview yesterday, he called bitcoin "a screaming buy right now." He also predicted the crypto market could expand to $40 trillion.
Bitcoin touched $20,000 in December before the market turned rough this year. Prices tumbled, but Morehead expects bitcoin to post new highs within the next year. The cryptocurrency trades at $9,350 now, creeping back toward the $10,000 level.
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Saxo Bank sees a potential bull market arriving in Q2. The total crypto market sits at $420 billion.
Morehead told Bloomberg his fund is "very bullish on the space." He believes current valuations sit "way below, maybe an order of magnitude – or two – below the real fundamental fair value of blockchain." He sees the $400 billion crypto market growing to $4 trillion, with $40 trillion being "definitely possible."
The timeline matters. Morehead described this as a 10-year forecast. The move won't happen "overnight," he said.
Pantera holds about 10 percent of its portfolio in bitcoin. The fund is placing bigger bets on Icon, a protocol that lets different blockchains communicate without intermediaries. On Wall Street, Morehead argued that "a $400 billion asset will not be ignored for long."
Bullish calls like Morehead's attract notice. John Pfeffer, a partner at London-based Pfeffer Capital, released projections yesterday: bitcoin could one day replace gold and reach $700,000. He called most other cryptocurrencies "bad bets."
These forecasts reveal where serious investors believe markets are headed. Yet they deserve skepticism. Five or ten years out, nobody knows where the market will be. Treat these as informed bets, not facts.
MiningPool content is intended for information and educational purposes only and does not constitute financial, investment, or legal advice.
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