Pantera Capital: Bitcoin Will Rise 200% by August 2021
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14 January
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Bitcoin (EXANTE: Bitcoin) is still undervalued. At least Pantera Capital Founder and CEO, Dan Morehead, believes so, Blockworks reports. During a conference call Morehead said the largest cryptocurrency by market capitalization is on the path of surging over 200% over the next eight months. This will likely boost bitcoin's price up to $115,000 by August 2021.

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"Six or so months ago, bitcoin’s market cap was the same as L’Oreal Cosmetics, it’s now past Facebook, and that is just a huge difference in how the market perceives bitcoin," Pantera Capital's chief added.

Pantera Capital co-CIO, Joey Krug, notes the current bull run is different from 2017 as the high level fundamentals for 2017 was that "there really was not much fundamentals at all." Krug claims the majority of crypto-related projects were just an idea on a piece of paper and did not have real products.

Morehead expects further adoption of the crypto market with billions of people coming into it.

"There are over a billion people on earth that do not have access to a bank, but do have access to a smartphone, and that’s all you need to use a cryptocurrency," Morehead explained.

Dan Morehead also thinks the current bitcoin shortage is mainly caused by big buyers like PayPal. In an interview with CNBC, Morehead said the current market demand for BTC is so huge, that buyers consume over 100% of all newly-issued bitcoins.

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