The cryptocurrency market is looking bullish, and according to specific experts, it could one day be worth regarding market cap at least $40 trillion.
One of the experts who believe it will reach $40 trillion is the founder of Pantera Capital, Dan Morehead.
“Obviously, we’re very bullish on the space. We think we’re way below, maybe an order of magnitude — or two — below the real fundamental fair value of blockchain,” Morehead said.
He positively highlighted-
“the industry as a whole is $400 billion. It easily could go to $4 trillion, and $40 trillion is definitely possible.”
Pantera Capital is a San Francisco based investment firm founded in 2011 which focuses on Blockchain technologies. Dan Morehead has excellent experience in finance being the former chief financial officer and head of macro trading at hedge fund Tiger Management. As of now, Pantera Capital currently has approximately $1 billion in total assets of cryptocurrency. 10% is Bitcoin while the most substantial stake is on a Korean cryptocurrency called Icon.
As of now, cryptocurrency’s market is worth more than $400 billion, and so it will need to increase by approximately 10,000% to reach the $40 trillion mark.
Morehead suggested buying Bitcoin, as it’s about to be very Bullish.
Morehead made some interesting predictions in the past. In mid-December, he predicted Bitcoin would decline by 50% heading into the New Year which was the real case in the next few months. Bitcoin was seen to be in a bear market in the first few months of 2018.
In February 2018 Jesse Powell, founder, and CEO of Kraken predicted that the entire cryptocurrency market would reach a total of $1 trillion this year.
He told CNBC, “You’ve got a lot more kids graduating from crypto programs at universities now. I think we’re just going to see it continue exponentially from here.”
Hedge funds that have been focusing on cryptocurrencies have been opening up widely in the last two years making a substantial amount of profits from highly volatile coins and even on Blockchain technology.
Pantera’s CEO Morehead has announced, a “screaming buy” for Bitcoins! Mainly due to the reputation of cryptocurrencies being “skanky” slowly being eradicated and thus institutional interest has increased for cryptocurrencies.
Image Source: “Flickr”
Leave a Reply