Pantera Capital, an investment firm focused exclusively on blockchain tech & digital currency, revealed last week that its fund currently has a 5-year return of 10,136.15% net of fees and expenses. Dan Morehead, CEO of Pantera Capital.
“99% of the financial wealth has yet to address bitcoin. When they do, bitcoin is either going to be worth zero or $5,000 /BTC. The current market price of $100 implies only a 2% chance bitcoin succeeds. I think it’s north of 50% chance that the world adopts a global currency/payment system in which free cryptography replaces the very expensive “trust” charged by banks/VISA-MasterCard/Western Union/PayPal/etc.”
The second email, written when BTC was trading at $250, Dan writes:
“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. It feels like it’s happening. A melt-up which could be orders of magnitude.”
In 2013, Morehead said that for those with a “half position,” not fully committed to Bitcoin investment, they’d either be celebrating if bitcoin didn’t work out. Or, if bitcoin was trading at $5,000 they “might need something stronger than wine to erase the feelings of regret.”
The success of the firm can be attributed to a variety of investments made into an array of crypto firms and projects, including Augur, Brave, ShapeShift, 0x, Circle, Earn, Xapo and Ripple. It was also noted that the investment fund has a close relationship with Augur, as Joey Krug, the Co-Chief Investment Officer at Pantera, co-founded Augur just four years ago.
Moving forward, Pantera has set two more price targets based on the historical trend line of the logarithmic chart for bitcoin.
“Projecting price through the end of 2019 using this historical trend line as a guide would put the price of bitcoin at around $21,000 by the end of 2018, and $67,500 at the end of 2019. Seems eminently reasonable to me. Those are our current bitcoin price forecasts.”
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