As Bitcoin recently hitting the 17 millionth milestone, comes a very optimistic outlook on the crypto market. Recently, Dan Morehead, CEO of Pantera Capital, which is a one billion dollar hedge fund, said he expects the crypto market to hit $40 trillion dollars in the next 10 years.
Pantera Capital which is a Bitcoin only fund boasts a healthy return of over 25,000 percent when Bitcoin hit $20,000 in December last year. The hedge fund has recently moved into various other blockchain technologies and tokens and remains very bullish on the crypto space.
They believe the current valuation of the total crypto market cap is, “an order of magnitude or two below the real, fundamental fair value of Blockchain”.
Dan Morehead in an interview with Bloomberg stated;
“It’s a fascinating market … a $400 bln market that nobody owns … we’ve never seen that before … the industry as a whole could easily go to $4 trln, $40 trln is definitely possible … It’s the ten year forecast, it’s not going to happen overnight.”
Morehead stated that he believes Wall Street will have a growing interest in the cryptocurrency market and expects a vibrant market in the next 12 months.
Despite the markets coming of a 65% retrace since December’s highs, Morehead emphasized that the market has come back over 25% and expects new all time highs in the coming year.
“it’s come off 65 percent since its highs and if you put 100 bucks in each of the four times it’s touched its 200 day moving average, you’d have a 285 percent return… it’s a screaming buy right now.”
Morehead further encourages the SEC to bring the market under its jurisdiction and believes regulation will open the gates for institutional capital.
You can watch the full interview below.