Bitcoin To Surpass $120,000 In A Year, Says Pantera CEO
August 03 2021 - 12:00PM
NEWSBTC
Pantera CEO Dan Morehead has recently revealed his predictions for
the price of bitcoin going forward. The CEO runs Pantera Capital,
which runs the first bitcoin fund that was launched in the United
States. Pantera’s bitcoin fund was launched in 2013, back when the
digital asset was worth only $65 per coin. Given the impeccable
timing of when the fund got into bitcoin, it is not surprising that
the founder’s thoughts are taken seriously in the cryptocurrency
space. The fund continues to see continued support as more
institutional investors are getting into the digital asset. Seeing
the recent price dips as a buying opportunity to get into the
pioneer cryptocurrency. Related Reading | On-Chain Expert
Predicts $162K Bitcoin Peak This Cycle A report from Reuters
outlined a couple of price predictions made by the fund manager
regarding the price of bitcoin. Morehead talked about where he sees
the price ending and increased regulatory actions being taken
against cryptocurrencies. Mainstream Adoption To Push Bitcoin
Higher Talking about where bitcoin will be by the end of 2021,
Morehead put the price of the digital asset at as much as $80,000
and $90,000 by the end of the year. Morehead also put the price of
the digital asset at over $120,000 within the span of a year.
Declining momentum in bitcoin price | Source: BTCUSD on
TradingView.com Going further with the predictions, CEO Dan
Morehead put the price of the digital asset at as high as $700,000
in the next decade. The recent price dips and volatility do not
seem to faze the fund manager as his price predictions continue to
be on the high side. Morehead’s predictions come despite
speculations in the market being the cryptocurrency market might
well be headed in the direction of a long bear market. Increased
Regulation Crackdowns In The Market Talking about where regulation
in the market is headed, the Pantera CEO explained that going
forward, there would be increased regulatory scrutiny in the
market. Pointing to the regulatory crackdowns that Binance has
experienced in different countries recently. Morehead referred to
the increased regulatory scrutiny as a “transition” phase for the
crypto market. The crypto market in general has seen increasing
regulatory debates from countries around the world. United States
lawmakers continue to introduce bills aimed at providing proper
regulations for the crypto market. Related Reading | Bitcoin
Is More Oversold Than It Was At ATH In April, Says Analyst
Meanwhile, other countries continue to show favorable trends for
cryptocurrencies. Earlier in the year, El Salvador’s president
announced that the country would be accepting bitcoin as a legal
tender. This is scheduled to go into full effect in September of
this year. Dan Morehead’s fund, Pantera Capital, currently manages
$2.8 billion in blockchain-related assets. And the fund has
invested in crypto exchanges including Coinbase and Binance.
Featured image from PYMNTS.com, chart from TradingView.com
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