Emily Walker
Dan Morehead, the founder and managing partner of Pantera Capital Management, has expressed strong optimism about Bitcoin, predicting that its market capitalization could potentially reach $15 trillion. In a recent conversation on CNBC’s “Squawk Box,” Morehead shared that Pantera’s Bitcoin fund has achieved over a 1,000x return since it launched in 2013.
Potential Bitcoin Price of $740,000 by April 2028?
Morehead emphasized that institutional investment in cryptocurrency is still significantly lacking, stating that “the median institutional ownership of blockchain is zero.” He noted that even among pioneering investors, digital assets constitute only 1-2% of their portfolios. He pointed out a massive opportunity in the crypto space, as “95% of financial wealth has no exposure to blockchain,” indicating that many investors have negligible or even zero involvement.
Looking back at the development of cryptocurrencies, Morehead mentioned how regulatory uncertainties have previously hindered institutions from fully engaging. With Donald Trump potentially resuming office, he anticipates more favorable conditions for digital currencies, suggesting that the US government might adopt a strategy reminiscent of the early internet days, especially since “93% of the [crypto] market cap is based outside the United States,” indicating a pressing need for regulatory clarity domestically.
When questioned about the possibility of Trump initiating a Strategic Bitcoin Reserve, Morehead commented on two perspectives. Firstly, he highlighted that the president-elect had mentioned keeping the existing Bitcoin held by the US, which accounts for about 1% of the global supply. He believes this approach could be more straightforward than seeking legislation to acquire more Bitcoins. He described this as a strategic move, considering that Bitcoin could serve as a reserve asset for the US, which currently lacks a viable alternative for saving reserves.
Despite Bitcoin’s impressive rise, Morehead insists there is still significant growth potential, particularly as many major investors remain hesitant. He recounted his experience in 2016 when he managed to raise only $1 million from 170 investor meetings, which underscored for him that broad acceptance of Bitcoin was still distant. However, with large financial institutions like Blackrock and Fidelity now promoting BTC, he feels much more confident. “50 million people in the US, 300 million globally own it. It has reached escape velocity,” he remarked.
Morehead’s forecast sees Bitcoin’s market cap hitting $15 trillion, suggesting that the price per Bitcoin could rise to $740,000. He stated, “It has gone up three orders of magnitude since we launched our fund, I think it can go up a fourth,” and believes this level is achievable given the context of $500 trillion in total financial assets. He mentioned that this milestone could be reached as soon as April 2028.
As of now, Bitcoin is trading at $100,000.