Pantera Capital CEO doubles down on $115Okay Bitcoin prediction for 2021

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Pantera Capital CEO doubles down on $115Okay Bitcoin prediction for 2021

Dan Morehead, founder and CEO of Bitcoin (BTC) funding agency Pantera Capital, has maintained his bullish Bitcoin prediction for 2021.Bitcoin is po



Dan Morehead, founder and CEO of Bitcoin (BTC) funding agency Pantera Capital, has maintained his bullish Bitcoin prediction for 2021.

Bitcoin is poised to hit as a lot as $115,000 by August 2021, surging 200% within the subsequent eight months, Morehead reportedly mentioned at a convention name on Jan. 12. 

The exec initially made this prediction in August 2020, when Bitcoin was buying and selling at about $11,600. At publishing time, the cryptocurrency is buying and selling at over $38,000. On Tuesday, Morehead mentioned that Bitcoin nonetheless has numerous room for development:

“Is bitcoin overvalued? I’d say no. […] Bitcoin has spent three years effectively under its long-term compound annual development development line, it’s nonetheless under it, and though Bitcoin has rallied an incredible deal during the last six months, I believe it’s pretty valued.”

Morehead believes that main international digital forex developments like China’s digital yuan will positively impression the crypto market by boosting mainstream adoption. “There are over a billion folks on earth that would not have entry to a financial institution, however do have entry to a smartphone, and that’s all you must use a cryptocurrency,” Morehead mentioned.

Joey Krug, co-chief info officer of Pantera, mentioned that Bitcoin’s ongoing bull run is completely different from earlier rallies and won’t finish the identical manner as its earlier run in 2017. Krug mentioned that the most recent rally is way stronger by way of adoption fundamentals. 

“The excessive stage fundamentals for 2017 was that there actually wasn’t a lot fundamentals in any respect, most initiatives had been simply an concept on a chunk of paper, most issues hadn’t launched, most issues didn’t have dwell merchandise,” he acknowledged.

Morehead shouldn’t be alone in believing that Bitcoin will attain $100,000 in 2021. In early January, Binance.US CEO Catherine Coley predicted that Bitcoin might hit $100,000 by the tip of the 12 months. PlanB, the creator of the stock-to-flow mannequin, additionally predicted that Bitcoin ought to obtain the $100,000 to $288,000 vary by December 2021.

On Jan. 8, Bitcoin set a brand new historic excessive of $42,000, following an enormous rally breaking $20,000 on the finish of 2020. Following a correction, Bitcoin is steadily rebounding, buying and selling at $38,600, up about 12% over the previous 24 hours at publishing time.