Dan Morehead, founder and managing partner of Pantera Capital, the first digital currency fund in the United States, announced in a new post that the Pantera fund has made more than 130,000% profit since its first bitcoin purchase in July 2013.
In response to the comments of one of the investors who said that buying Bitcoin is similar to buying gold, Morehead emphasized that buying Bitcoin at that time (2013) was similar to buying gold in 1000 BC.
According to Moorhead, at the time, only 1% of global financial wealth was allocated to Bitcoin. He predicted that when this percentage increases and Bitcoin becomes more widely available, two things will happen: Bitcoin will go to zero or the price will skyrocket. This sentence refers to the high risks and great potential of Bitcoin in its early days.
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Moorhead went on to state that Bitcoin is now in a strong upward trend, with around 300 million people worldwide holding it. According to him, about 5% of financial wealth is currently invested in Bitcoin, and this amount is likely to increase as regulatory rules in the United States become more transparent.
He also pointed to the impact of bitcoin exchange-traded funds (ETFs) launched by major companies such as BlackRock and Fidelity, predicting that bitcoin could become a $15 trillion asset.
Moorhead also pointed to Bitcoin’s 87% crash in December 2013, saying that at the time, Pantera hotels were paid for in Bitcoin. He explained that for a 59-night stay, the company paid 88 bitcoins, which is now worth more than $8.6 million.
Cointelegraph
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