Pantera Capital Predicts Bitcoin Price Could Reach $740,000 By 2028
Following a correction in Bitcoin (BTC) prices on Tuesday, Dan Morehead, founder and managing partner of Pantera Capital, expressed optimism regarding the cryptocurrency's future. In a recent interview, he suggested that current market challenges may be temporary and that the rally could continue.
Bullish Future For Bitcoin Amid Regulatory Shifts
Morehead reflected on Pantera Capital’s journey since launching its Bitcoin fund 11 years ago, noting the skepticism they encountered in 2013. He stated that persistent negativity surrounding Bitcoin reinforces his bullish outlook. “So many people are still negative. It’s far from being a bubble,” Morehead told Bloomberg.
Pantera’s Bitcoin fund has achieved a lifetime return of 132,118% since its inception in July 2013, when Bitcoin was priced at $74. Morehead predicts Bitcoin could potentially reach $740,000, attributing this growth to a changing regulatory landscape.
He highlighted a shift from “15-year regulatory headwinds to tailwinds,” particularly noting more crypto-friendly policies anticipated under President-elect Donald Trump's administration.
The original Bitcoin fund by Pantera is significant for being the first to offer US investors direct exposure to the cryptocurrency. Recently trading around $91,000 after nearing $100,000, Bitcoin has surged approximately 120% this year.
Advocating For Crypto Reserves
Morehead discussed Pantera’s new venture fund, Pantera Fund V, which aims to raise $1 billion to invest in various blockchain assets, including private tokens and locked Solana (SOL) tokens from the FTX estate. He noted that raising the fund before the industry-wide challenges in 2022 allowed effective capital deployment over the past few years.
Morehead pointed out that many “generalist firms” have exited the cryptocurrency space, resulting in fewer competitors. This situation has enabled Pantera Capital to secure “better pricing and more advantageous deals.”
With a background as a trader at Goldman Sachs, Morehead commented on Trump’s proposal for a US Bitcoin stockpile, describing it as “rational.” He argued that holding gold as a reserve is an outdated wealth storage method, stating, “If they put some of that money in Bitcoin, that is a fantastic way to have a reserve currency holding.”
At the time of writing, Bitcoin has regained the $93,000 level, with a recorded 1.5% decline in the past 24 hours.
Featured image from DALL-E, chart from TradingView.com