Dan Morehead, Founder, and CEO of Pantera Capital, an investment firm focused exclusively on projects related to blockchain and crypto assets, believes that in August 2021, Bitcoin will hit $115,000.
In a conference call, he said
The picture for crypto is just so strong right now. Six or so months ago, Bitcoin’s market cap was the same as L’Oreal Cosmetics, it’s now past Facebook, and that is just a huge difference in how the market perceives Bitcoin.
Joey Krug, co-chief information officer of Pantera, added
It’s pretty different than in 2017. The high-level fundamentals for 2017 was that there really wasn’t much fundamentals at all, most projects were just an idea on a piece of paper, most things hadn’t launched, most things didn’t have live products.
Bitcoin has gained popularity to such an extent that publicly traded companies, and traditional financial institutions have introduced Bitcoin to their balance sheet. Massachusetts Mutual purchased $100 million in Bitcoin, invested 1% of total assets into the digital currency, and Morgan Stanley has more than 10% of MicroStrategy equity.
Last August, Bitcoin was trading around $11,500, and at the time of writing, it is trading at $38,201. This gives us a clear idea of Bitcoin growth. Morehead also said
Is bitcoin overvalued? I would say no. […] Bitcoin has spent three years well below its long-term compound annual growth trend line, it’s still below it, and although Bitcoin has rallied a great deal over the last six months, I think it is fairly valued.
After Pantera Capital CEO Dan Morehead’s views, traders have an optimistic emotion for the cryptocurrency market, especially for Bitcoin. Biden administration can also be a pivotal reason to help Bitcoin rise. Further, Joe Biden plans to provide Americans with $2,000 in stimulus payments to help the economy recover. As a result, most investors are likely to move to options like Bitcoin to protect their money.