Pantera CEO says market cap to rise into the trillions
A leading financial expert has spoken out to predict that the cryptocurrency market cap has the potential to reach $40 trillion.
According to the chief executive officer of $1 billion crypto hedge fund, Pantera Capital Management LP, Dan Morehead, Bitcoin “is a screaming buy right now.”
During an interview with Bloomberg TV on Thursday, Morehead said about 10 percent of Pantera’s investments are now in Bitcoin.
In late 2017, Bitcoin’s value shot up close to $20,000 per coin.
Although the cryptocurrency market has since entered a stiff correction period, investors have seen the potential in the space.
But, according to Mr. Morehead, his fund’s single most substantial bet is on Icon rather than Bitcoin.
Icon lets different blockchains, or digital ledgers, talk to one another, he explains.
Morehead is predicting that Bitcoin will recover and reach record-breaking new market cap highs within 12 months.
The current $400 billion crypto market cap will soon balloon to $4 trillion as digital assets continue to multiply and gain wider adoption, he says.
According to Morehead, he predicts that a total cryptocurrency market cap of $40 trillion is “definitely possible,” saying:
“It’s the 10-year forecast.
“It’s not going to happen overnight.”
Investors see the potential of cryptocurrency
In the last two year, hundreds of cryptocurrency-focused hedge funds have opened up.
These funds are set up for investors who recognize the opportunity to make money on the highly volatile coins and blockchain technology.
Blockchains can be used for everything from tracking items in a supply chain, to recording cross-border payments.
Morehead says institutional investor interest in tokens is rising too.
He notes that the “skanky” reputation of Bitcoin from the early is now diminishing.
And, although only 10 percent of his hedge fund’s limited partners are institutions today, he says that’s likely to change within 18 months
Morehead points to the listing of crypto futures last year, along with Wall Street’s growing interest in cryptocurrency trades, saying:
“Anything that’s a $400 billion asset will not be ignored for long.”