Dan Morehead, founder and managing partner of Pantera Capital Management, reiterated his bullish stance on Bitcoin, predicting that the leading cryptocurrency may retain a $15 trillion market cap. Morehead’s comments came during a recent interview on CNBC’s “Squawk Box,” where he also highlighted Pantera’s first Bitcoin fund that has surpassed 1,000x returns since its inception in 2013.
$740,000 per Bitcoin By April 2028?
According to Morehead, institutional exposure to crypto is woefully inadequate. He notes that “the average institutional ownership of blockchain is zero,” and even the best investors hold just 1-2% of their holdings in digital assets. He described this opportunity as huge, saying that “95% of the financial wealth has no investment in blockchain,” which means that the exposure is very small – usually half a percent.
Reflecting on the early days of crypto, Morehead recalls years of vague rules that prevented institutions from making meaningful commitments. With Donald Trump set to take office, he envisions structures that support digital assets, suggesting that the US government could emulate his Internet-first strategy: “93% of the [crypto] the limit of the market is based outside the United States, “he said, emphasizing the need for clarification of domestic rules.
When asked about the possibility of President-elect Trump establishing a Strategic Bitcoin Reserve, Morehead commented: “I think there are two types of that. One is that the president-elect said he will not sell Bitcoins that the US already has. The United States owns 1% of the world’s Bitcoins. That seems easier to do than finding a place to buy more Bitcoins. I think it’s a great strategy. The US is the world’s reserve currency. We do not have any other currency in which to store the reserves. So saving with Bitcoin can be a very good strategy.”
Despite Bitcoin’s meteoric gains, Morehead believes there is room for more growth, especially since many large investors remain skeptical. He also recounted raising just $1 million during 170 investor meetings in 2016—an experience that reinforced the view that adoption was still years away. Now, with mainstream financial giants offering Bitcoin, Morehead no longer worries that the price of BTC will reach zero. “50 million people in the US, 300 million own it worldwide. Blackrock and Fidelity sell it. We have reached escape velocity,” Morehead noted.
Looking ahead, Morehead expressed the view of the BTC market reaching $ 15 trillion, the price of the coin may rise to $ 740,000: “It has increased by three orders of magnitude since we launched our fund, I think it can increase by a fourth. And that puts you in the $15 trillion market, which still seems small compared to the 500 trillion in financial assets. That’s happening.” In a recent note to investors, Morehead stated that BTC could reach this target as early as April 2028.
At press time, BTC traded at $100,000.
Featured image from YouTube, chart from TradingView.com
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