Bitcoin is the leading cryptocurrency, and this year it reached its all-time high. However, it is going through a considerable setback at the moment, and it makes us wonder if it will return to a bullish rally anytime soon. Along those lines, Pantera CEO Dan Morehead recently revealed his predictions about the price of Bitcoin (BTC) going forward. The high prices and estimates stand out.
Morehead runs Pantera Capital, which manages the first Bitcoin fund to be launched in the United States, in 2013. A Reuters report outlined a pair of price predictions made by Morehead regarding the price of Bitcoin. In that regard, the CEO spoke about where he sees the end of the price, considering the increase in regulatory actions that are being taken against cryptocurrencies.
Pantera Capital continues to receive continued support as more institutional investors access the digital asset. They see the recent price drops as a buying opportunity to enter investing in Bitcoin.
Where is Bitcoin headed according to Dan Morehead?
Speaking of where Bitcoin will be by the end of 2021, Morehead calculated the price of the digital asset at US $ 80K and US $ 90K by the end of the year. Morehead also calculated the price of BTC at more than US $ 120K in the span of a year.
Going further with the predictions, the CEO put the price of the digital asset at $ 700,000 over the next decade. Recent price declines and volatility do not appear to faze the fund manager as their price predictions remain high. Morehead’s predictions come despite speculation in the market that the cryptocurrency market could well go in the direction of a long bear market.
Increased regulation in the market Will it be relevant in the future?
Speaking about where regulation is heading in the market, the CEO of Pantera explained that in the future, there will be increased regulatory scrutiny in the market. As an example, he pointed to the regulatory measures that Binance has undergone in different countries recently. Morehead referred to the increased regulatory scrutiny as a “transition” phase for the cryptocurrency market.
The cryptocurrency market in general has seen an increase in regulatory debates from countries around the world. Lawmakers in the United States continue to introduce bills intended to provide adequate regulations for the crypto market.
Meanwhile, other countries continue to show favorable trends for cryptocurrencies. Earlier this year, the President of El Salvador announced that the country would accept Bitcoin as legal tender. It is scheduled to take effect in September this year.
Dan Morehead’s fund, Pantera Capital, currently manages $ 2.8 billion in blockchain-related assets. And the fund has invested in cryptocurrency exchanges, including Coinbase and Binance.