BTC/USD Cross-currency Rate Will Rise, Says Pantera Capital CEO
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26 March
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Despite the devastating effects of the coronavirus pandemic, the cryptocurrency industry still has a chance to benefit from the current situation.

Pantera Capital CEO & Co-Chief Investment Officer Dan Morehead in a letter to the fund's partners shared his view on the current state of affairs.

As the United States has entered this crisis with an unprecedented structural deficit by spending 31% more than it takes in, the deficit has to have "a positive impact on the price of things not quantitatively-erasable."

"Said another way, the BTC/USD cross-currency rate will rise," Morehead added.

Morehead expects the price of bitcoin to set a new record just within "the next twelve months."

"It’s not going to happen overnight. My best guess is that it will take institutional investors 2-3 months to triage their current portfolio issues," he added.

Earlier iHodl reported that a cryptocurrency exchange Kraken conducted research, according to which bitcoin (EXANTE: Bitcoin) price could reach $350,000 by 2044 as a result of "The Great Bitcoin Adoption."

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