Dan Morehead, the founder of Pantera Capital, and Michael Sonnenshein of Grayscale Investments, recently revealed their views on Bitcoin’s increasing price. The duo gave their forecasts during a recent episode of the Money Movement podcast.
Morehead is bullish that Bitcoin will hit $100,000 at the end of next year. He added:
“ …in the normal markets, saying something goes up 10x is ludicrous as you’d be ridiculed but, it happens every three or four years and all the factors are coming together.…”
However, Sonnenshein warned Bitcoin investors not to put the money they can not afford to lose. He added that investors should see the digital coin as an early-stage technology. In his warning, he noted:
“…buyers beware, it does have those 80% drawdowns, but from here, Bitcoin is either a hell of a lot higher and a lot more valuable than it is today, or something somehow comes along and displaces Bitcoin and we all move on to something else.”
Also, Sonnenshein referred to a recent report by Grayscale’s director of research, Phil Bonello. In the report, Bonello stated that the number of investors holding on to their BTC is increasing.
As of August 2020, a growing percentage of Bitcoin has not moved in one to three years.
At the time of the report, the percentage of BTC that had not moved over the past 90 days declined.
Image Credits: Pixabay
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