- Pantera Bitcoin Fund recently achieved an โinsane milestone.โ
- The development came after Bitcoinโs rally towards the $100,000 level last week.
- Pantera Capitalโs CEO believes BTC could hit $740,000 soon.
Pantera Capital CEO Dan Morehead announced that the companyโs Bitcoin Fund recently achieved an โinsane milestoneโ following the original cryptocurrency’s meteoric rise to new highs last week.
Moreheadโs statement came on November 26, when Bitcoinโs price hovered just above $94,000 after reversing its recent gains. Donald Trumpโs decisive U.S. presidential election and expectations of a further interest rate cut by the Federal Reserve this year had fueled the crypto assetโs rally to an all-time high of $99,605 on November 22 before it embarked on a downward trajectory.
Panteraโs Bitcoin Fund Milestone
According to the statement, the Pantera Bitcoin Fund has increased in value by 1,000 times. Morehead said the post-election surge took the fund 30% higher, bringing its lifetime returns to 131,161%, net of fees and expenses.
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โIn 2013-15 we bought 2% of the worldโs bitcoins,โ Morehead wrote. โEven after eleven years, bitcoin is **still** squeezing up like a watermelon seed. Honestly, I just canโt help thinking that we still have many more years of very compelling returns.โ
The Pantera Capital CEO believes Bitcoinโs price could hit $740,000 when the โ95% of financial wealthโ that has yet to address blockchain put their โfull-sized positionโ on the crypto asset.
Per Morehead, regulatory clarity in the U.S. will catalyze BTCโs growth as institutional managers like BlackRock, Fidelity, and others continue offering affordable and efficient access via spot exchange-traded funds (ETFs).
โThis new ease of access will finally allow tens of millions of investors and individuals to get exposure to this important new asset class,โ Morehead added.
The U.S. crypto market welcomed its first spot Bitcoin ETFs on January 11, a day after the Securities and Exchange Commission (SEC) approved them. The funds have amassed $102.23 billion in total assets in less than a year, representing 5.44% of BTCโs $1.86 trillion market cap.
According to Morehead, Donald Trumpโs presidency is another dynamic that will influence Bitcoinโs upward trajectory in the future. The CEO believes the new administration will adopt a neutral or pro-blockchain stance, turning crypto regulatory headwinds into “tailwinds.โ
Bitcoin exchanged hands at $93,773 at the time of writing.
Stay updated on last weekโs crypto fund inflows:
Bitcoin Price Rally Fuels $3.1B Inflows into Global Crypto Funds
Read about MicroStrategyโs latest Bitcoin acquisition:
MicroStrategy Buys Additional 55,500 Bitcoins for $5.4 Billionย
