June 25, 2024

Pantera Capital CEO sets deadline for Bitcoin to reach $ 20,000

The current economic crisis will have a positive impact on the first cryptocurrency and will allow it toto reach $ 20,000. This is stated in the appeal of Dan Morhead, CEO of Pantera Capital cryptocurrency hedge fund, to investors, writes The Daily Hodl.

Morehead noted the massive impact of the crisis on the global economy, comparable to the recession of the post-war years:

“For 35 years I have been trading in destabilizing the macroeconomy. This crisis is not like the previous ones. It will surely put an end to the long economic boom and affect the global economy more than any other decline in recent history. ”

At the same time, the resulting deficit will serve as an impetus for the growth of the cryptocurrency price, the head of Pantera Capital believes.

“Bitcoin was born in a financial crisis, thisonce he comes of age. Now that the bill has gone into trillions, the deficit should have a positive impact on the price of instruments that are not quantifiable: stocks, real estate, cryptocurrencies relative to the value of money. In other words, the BTC / USD exchange rate will increase. ”Morehead said.

To establish a new price record, he said, the first cryptocurrency needs 12 months:

“Institutional investors will need 2-3months to settle current portfolio problems. Another 3-6 months will be spent searching for new opportunities, such as bad loans, special cases, cryptocurrencies and so on. Then, when they begin to invest, these markets will move on to growth. ”

Based on the future growth of bitcoin, Morehead builds Pantera Capital's strategy:

“My only job is to manage money in the cryptocurrency market. I strongly believe that the established policy will ultimately play into the hands of cryptocurrencies. ”

In April 2018, Dan Morehead claimed that cryptocurrency market capitalization could easily reach $ 40 trillion.