Dan Morehead, known as the Pantera Capital CEO, apparently has a new Bitcoin price target which is all over the latest cryptocurrency news these days. As the news show, the founder of the investment firm and hedge fund focused on ventures and projects related to blockchain and digital currency tech delivered his comments in an episode of the Unchained podcast on July 23.
In it, the Pantera Capital CEO spoke about BTC and predicted that it will hit $42,000 by the end of the year – and climb by $356,000 by 2022. He did not say anything about other cryptocurrencies which would be featured in our altcoin news. However, Morehead claimed that a surge like this would be consistent with the top cryptocurrency’s logarithmic growth rate.
The Pantera Capital CEO was featured on many best cryptocurrency news sites for his statement which notes:
“Graph the price of Bitcoin logarithmically […] its trend is going to grow at 235% compound annual growth rate and […] that put Bitcoin at $42,000 at the end of 2019. And I know this sounds crazy but we’re essentially halfway back there. […] I think it’s a good shot that by the end of the year we hit that. And if you just extrapolate that line out for another year it’s $122,000 per Bitcoin and then one more year, $356,000.”
Morehead also pointed out the technological developments in the Bitcoin network. The Pantera Capital CEO stated that the number of possible transactions per second – which is a persistent problem for Bitcoin – will rapidly increase as the technology is developed.
When it comes to exchange traded funds (ETFs), Morehead said that the last asset class to be approved for an ETF took three years to be approved, adding “copper has been around for 10,000 years, right?” As such, the Pantera Capital CEO thinks it may take a while for a Bitcoin ETF to come out.
Morehead also predicted the overall token success recently. His statement is all over the coming altcoin news – in which he said that he believes most altcoins will fail but thousands of decentralized applications (dApps) will come out of the ones that succeed.
Meanwhile, Pantera Capital recently led a funding round for a decentralized exchange startup called Sparkswap along with an initialized Capital and Foundation Capital and Y Combinator, as its website showed.
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