In the email newsletter, Pantera Capital CEO & Co-Chief Investment Officer Dan Morehead says he has "no idea what’s going to happen in 99% of things right now."
"However, I strongly believe it’s close to inevitable that this will be very positive for cryptocurrency prices," he added.
The hedge fund has analyzed bitcoin's previous halvings to find out what may come next. In case history repeats itself, bitcoin would peak in August 2021.
The first halving decreased the supply by 15% of the total outstanding bitcoins. That caused a huge impact on supply and it had a huge impact on price.
Morehead believes that each subsequent halving’s impact on price will likely taper off in importance as the ratio of reduction in supply from previous halvings to the next decreases.
In 2020, the reduction in supply is only 40% as great as in 2016. If the relationship holds, that would imply approximately 40% as much price impulse and the price of bitcoin could peak at the $115 212 mark, Morehead wrote in the newsletter Monday.
iHodl previously reported that the US-based cryptocurrency exchange Coinbase rolled out a report 'Market efficiency of gold and Bitcoin' in which described bitcoin's dominance over the gold market amid global financial uncertainty.
The exchange says the bitcoin markets "have been relatively efficient amid recent macroeconomic turmoil."
Compared with global gold markets that have been disrupted for a few weeks, bitcoin’s top exchanges have largely "maintained parity."
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