Dan Morehead, CEO of Pantera Capital, a $1 bln cryptocurrency hedge fund, said that the crypto market could hit "$40 trln" within ten years, in an interview for Bloomberg Television April 26.
The hedge fund's first Bitcoin-only fund returned over 25,000 percent when the cryptocurrency hit its $20,000 peak in December 2017.
"It's a fascinating market a $400 bln market that nobody owns we've never seen that before the industry as a whole could easily go to $4 trln, $40 trln is definitely possible It's the ten year forecast, it's not going to happen overnight."
Morehead pointed to last year's listing of crypto futures on CBOE and CME as being one way to potentially go short with crypto asset investments as the market matures.
He struck a positive tone, estimating that Wall Street's growing interest in clearing crypto trades will lead to "a vibrant crypto-borrow market within twelve months."
"Bitcoin has come down below its 200-day moving average, and that is important because the currency has been going up at 170 percent per annum for six years it's come off 65 percent since its highs and if you put 100 bucks in each of the four times it's touched its 200 day moving average, you'd have a 285 percent return it's a screaming buy right now."
Only 10 percent of Pantera's limited partners are currently institutional investors, but Morehead predicts this will change "Within the next 18 months," especially as the SEC continues to bring the crypto market under its jurisdiction, a move that will check "The last box" for institutional capital to flood in.
Crypto Market Hitting $40 Trln In 10 Years "Definitely Possible", Says Pantera Capital CEO
에 게시 됨 Apr 27, 2018
by Cointele | 에 게시 됨 Coinage
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