Panteraâ€™s Founder Foresees $100K+ Bitcoin On the Horizon
Dan Morehead is more conservative in his Bitcoin price predictions than his firm Pantera Capital, though both agree that it will hit $100,000.
Pantera Capital is the oldest Bitcoin investment firm in the United States. When the companyâ€™s founder, Dan Morehead, was asked to make a Bitcoin price prediction during a recent interview, he first mentioned an investment letter published by the firm. In this letter, based on the stock-to-flow model, the firm made the bold prediction that Bitcoin will hit $115,000 by August 2021.Â
Stock to flow model. Source: Glassnode.
Morehead expects Bitcoin to keep growing
Morehead thinks this is still possible, despite the fact that in just one year, the assetâ€™s price would have to increase to nearly 10 times its current value. Yet, his personal prediction is a little more modest, he said:
â€œMy common response is it’s been growing at 209% for nine years, I think it’s going to grow at least 209% over the next couple years and that puts you at $100 000, probably in two years; but I do think that will happen.â€�
If Bitcoin continues to grow at 209% annually, then it will reach the $100,000 mark in 1.92 years. If it were to reach $115,000 in just one year, that would require a 900% annual growth rate.
Morehead also noted that he is tired of skeptics who constantly pose the question â€œWhat is Bitcoinâ€™s killer app?â€�. In his opinion, Bitcoin itself is the killer app and its primary use case is a store of value. Bitcoin does it better than gold, which has a market capitalization of $9 trillion, purported Morehead.
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