The founder of he hedge fund specialized in cryptocurrencies, Pantera Capital, recently announced that he believes the cryptocurrency market cap could hit $40 trillion one day.
Dan Morehead is the founder and CEO of Pantera Capital. In a recent interview with Bloomberg, he said that he believes the fair market value of the cryptocurrency market cap is an order of magnitude or two above where it currently sits.
As he said:
“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,” he said, stating later that “the industry as a whole is $400 billion. It easily could go to trillion, and trillion is definitely possible.
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On this, he added that “anything that is a $400 billion asset will not be ignored for long”. However, for the cryptocurrency market to reach $40 trillion, it would need to increase for 10,000% which means that the Bitcoin price would trade at a nearly $1 million valuation.
You can watch the interview on Bloomberg Crypto’s Twitter account:
— Bloomberg Crypto (@crypto) April 26, 2018
Morehead also doubled down on the recommendation, stating that Bitcoin is still a “screaming buy” after the recent recovery. In mid-December this year, he stated that the Bitcoin price could decline by 50% which definitely happened.
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