One of the most popular cryptocurrency hedge funds, Pantera Capital, recently published an investor letter reporting the massive gains. The fund has been active since 2013 when the price of one Bitcoin was $104. Understandably, the profits for the crypto hedge fund are skyrocketing.
As the firm once said, the Bitcoin price “could one day hit $5,000” which happened a few years after its launch. Five years later, we saw Bitcoin nearing $20,000 and the hedge fund reported a lifetime return of more than 10,000 percent.
The lifetime returns have been published in the July edition of the firm’s monthly “Blockchain Letter“. The founder and CEO of Pantera Capital, Dan Morehead, revealed that even in a bearish market, the cryptocurrency-backed hedge fund has achieved a net lifetime return of 10,136.15% – which is not bad for a fund that has only been operational for five years.
So far, there hasn’t been a crypto hedge fund that came even close to a lifetime return that matches Pantera Capital’s gains. As CCN reported, many opened up shop during the parabolic market and the rally that occurred in the last quarter of 2017, facing massive drops during the first few months of the new year.
Right now, there are 312 cryptocurrency funds but several smaller ones have found themselves unable to compete or stay afloat with the present bear market.
Morehead also noted that Bitcoin has experienced very consistent logarithmic growth since 2010 – despite the linear price movements and the downside effect in 2018. Right now, Morehead suggests that the Bitcoin price will end 2018 trading around $21,000 which will be a new all-time high – and may break out to $67,500 in 2019.
DC Forecasts is a leader in many crypto news categories, striving for the highest journalistic standards and abiding by a strict set of editorial policies. If you are interested to offer your expertise or contribute to our news website, feel free to contact us at [email protected]