Pantera CEO Dan Morehead has just lately revealed his predictions for the worth of bitcoin going ahead. The CEO runs Pantera Capital, which runs the primary bitcoin fund that was launched in the US. Pantera’s bitcoin fund was launched in 2013, again when the digital asset was price solely $65 per coin.
Given the impeccable timing of when the fund obtained into bitcoin, it isn’t stunning that the founder’s ideas are taken critically within the cryptocurrency area. The fund continues to see continued assist as extra institutional traders are entering into the digital asset. Seeing the latest worth dips as a shopping for alternative to get into the pioneer cryptocurrency.
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A report from Reuters outlined a few worth predictions made by the fund supervisor concerning the worth of bitcoin. Morehead talked about the place he sees the worth ending and elevated regulatory actions being taken in opposition to cryptocurrencies.
Mainstream Adoption To Push Bitcoin Larger
Speaking about the place bitcoin will likely be by the top of 2021, Morehead put the worth of the digital asset at as a lot as $80,000 and $90,000 by the top of the yr. Morehead additionally put the worth of the digital asset at over $120,000 throughout the span of a yr.
Declining momentum in bitcoin worth | Supply: BTCUSD on TradingView.com
Going additional with the predictions, CEO Dan Morehead put the worth of the digital asset at as excessive as $700,000 within the subsequent decade. The latest worth dips and volatility don’t appear to faze the fund supervisor as his worth predictions proceed to be on the excessive facet.
Morehead’s predictions come regardless of speculations available in the market being the cryptocurrency market may nicely be headed within the path of an extended bear market.
Elevated Regulation Crackdowns In The Market
Speaking about the place regulation available in the market is headed, the Pantera CEO defined that going ahead, there could be elevated regulatory scrutiny available in the market. Pointing to the regulatory crackdowns that Binance has skilled in numerous nations just lately. Morehead referred to the elevated regulatory scrutiny as a “transition” section for the crypto market.
The crypto market basically has seen rising regulatory debates from nations world wide. United States lawmakers proceed to introduce payments geared toward offering correct rules for the crypto market.
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In the meantime, different nations proceed to indicate favorable traits for cryptocurrencies. Earlier within the yr, El Salvador’s president introduced that the nation could be accepting bitcoin as a authorized tender. That is scheduled to enter full impact in September of this yr.
Dan Morehead’s fund, Pantera Capital, at present manages $2.8 billion in blockchain-related property. And the fund has invested in crypto exchanges together with Coinbase and Binance.
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