The return on investment (ROI) of one of the largest cryptocurrency investment firms went over to 10,000% in only five years, according to latest reports.
The news comes from an email in which the co-chief investment officer Dan Morehead (and the current CEO of Pantera Capital), as well as Joey Krug, shared the figure as they celebrated the fund’s fifth anniversary.
Even though both Morehead and Krug are bullish about Bitcoin, they noted that Pantera’s “lifetime return is 10,136.15% in net profit – free of fees and expenses.”
Morehead and Krug also included two emails that the fund sent out in 2013 to illustrate this point. As they wrote:
“We wanted to share the original logic – as it is equally compelling today.” they both stated. What’s interesting is the fact that at the time, Morehead predicted that “Bitcoin will hit $5,000 because it “dominates cash, electronic money, fiat money, gold, bearer bonds, large stone discs etc. – and therefore is the first global currency since gold – and the first borderless payment system ever.”
As Morehead wrote:
“In my opinion, it’s like deciding whether to buy Microsoft back in the day at $0.20 a share. It was hard to do when the stock was just at $0.10. In the fullness of time…clearly a great trade. I believe bitcoin right now is just like that. The world’s first global currency since gold and the world’s only borderless payments system (frictionless to boot) at a market cap of $3bn? Now that Silk Road is gone, a new wave of sophisticated investors are entering.”
Pantera has since launched its own hedge fund which is specialized in investing in blockchain startups. As such, the plans for the company are to travel “over the next months to discuss Venture Fund III and the blockchain disruption.”
As the officers wrote, “We have organized group lunches in many cities, should you want to meet other investors who share your interest in blockchain.”
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