Bitcoin’s (BTC) record-breaking rally might just be getting started, according to experienced digital assets investors.
Dan Morehead has shared recently an interview, while referring to when Pantera Capital Management bought Bitcoin, that people thought they were really crazy back in 2013.
I wanted to share the original logic for launching Pantera Bitcoin Fund in 2013 – as it is equally compelling to me today.
That first investment memo still reads well.
In 2013-15 we bought 2% of the world’s bitcoins.
Even after eleven years, bitcoin is **still** squeezing up… pic.twitter.com/crtMzMEQBw
— Dan Morehead (@dan_pantera) November 27, 2024
Morehead added that they launched their Bitcoin fund over 11 years back.
He pointed out that there are still a lot of people “very negative.”
And that’s why he claims that he’s so “bullish.” Morehead also mentioned that it is “far from being a bubble.”
Notably, that fund has reportedly generated a “life-long” return of 132,118% since July 2013. This, according to the founder and managing partner of Pantera who wrote a letter to investors this past week.
Morehead now anticipates that BTC’s price might reach as high as $740,000, as the flagship crypto’s “15-year regulatory headwinds are now turning into tailwinds.”
He pointed to the “crypto friendly” approach of US President-elect Donald Trump as well as his administration as one of the major catalysts for such growth.
Pantera’s original Bitcoin fund is one of first to offer US investors exposure to the digital asset.
Although it was introduced back in 2013, BTC’s price was only around $74. It traded at approximately $92,000 this past Tuesday. This, after nearly reaching the $100,000 mark for the first time.
Bitcoin price has now increased about 120% in 2024 alone.
The former Tiger Management exec stated that its new venture fund, the Pantera Fund V, is aiming to invest in various crypto-assets (such as private tokens, opportunities such as locked Solana tokens from the FTX’s estate).
Bloomberg reported earlier this year that the fund intends to secure $1 billion, which Morehead had noted in April. Pantera’s other Blockchain Fund secured about $1.25 billion around two years back.
Morehead remarked:
“We were fortunate to have just raised the big fund right before [crypto’s industry-wide blowups in 2022.] And so we’ve had a lot of capital invest for the last two or three years. And it’s great because all the generalist firms have left the industry. And so we’re only competing with a few specialist blockchain firms. And so we get much better prices, much better deals.”
Morehead also shared that he thinks Trump’s proposal for a US Bitcoin stockpile is a “rational” move.
According to the industry professional, holding gold in US government’s reserves is an “crazy way to store wealth.”
He concluded that if they put some of those funds in Bitcoin, that is a great way to have “a reserve currency holding” and he think it’s “going to appreciate a lot over the years.”