Dan Morehead, chief executive officer of $1 billion cryptocurrency hedge fund Pantera Capital Management LP, believes the cryptocurrency market capitalization could reach $40 trillion.
"The $400 billion crypto market could balloon to $4 trillion and even $40 trillion is definitely possible," Morehead said in an interview with Bloomberg. “It’s the 10-year forecast,” he said. “It’s not going to happen overnight.”
Morehead said Pantera has about 10 percent of its investments in Bitcoins (TIKER: BTC.EXANTE), which approached $20,000 apiece late last year before retreating to about half that in the following months.
The Pantera Capital CEO is anticipating that Bitcoin will recover and reach new highs within 12 months.
Bitcoin has gained 4.45% over the past 24 hours and is trading near $9, 280 at press time.
By Siranush Ghazanchyan