The chief executive of a crypto-focused hedge fund thinks mass adoption could drive the price of Bitcoin (BTC) up to $400,000 in as little as three years.
Pantera Capital CEO Dan Morehead says in a new interview with Bloomberg TV that BTC’s price appreciation is based on basic “Econ 101 Supply and Demand.”
“Every two years, 10 times more people use cryptocurrency than they did in the past, and that’s been going on for a decade. Every two years, it’s 10 times more. And every two years, the price of crypto’s gone up 10x. And to my mind, it’s that simple that within the next 5-10 years, almost everyone with a smartphone will use cryptocurrencies, and if that’s true, they’re going to be at a much higher price.”
Morehead also unveils the catalysts that he thinks will drive Bitcoin’s price to $400,000 by 2025.
“I think it will actually be some number like that. All the use cases that are really rolling out and people are using it. Now institutional investors are really investing in the space, from taking it 10 or 20 basis points to maybe in 10 years, 8% of their portfolio.”
The Pantera Capital head also says that while he’s bullish on BTC, he thinks “most of the new innovation is in other things” in the crypto space.
Bitcoin is trading at $41,706.10 at time of writing, up more than 3% in the past 24 hours. The top-ranked crypto asset by market cap is up more than 6% from where it was priced one week ago.
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