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Dan Morehead's Pantera Capital Now Has a 1,000x Profit on Bitcoin (BTC)

Reported by Coindesk
Nov 26, 2024· 2 min read
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Key Takeaways
  • • Pantera Capital Management's Bitcoin Fund, launched in July 2013, has returned 131,165% after fees and expenses, a roughly 1,000-fold gain, according to CoinDesk.
  • • The fund began buying bitcoin when the token traded around $74, acquiring about 2% of the total bitcoin supply at that time.
  • • CEO Dan Morehead forecasts bitcoin could reach $740,000 by April 2028, implying a market capitalization of about $15 trillion.
  • • Morehead credited BlackRock and Fidelity's spot bitcoin and ether ETFs, launched earlier in 2024, with broadening institutional access to the asset class.
  • • Morehead said blockchain's regulatory headwinds will turn into tailwinds under the incoming U.S. administration.
Summary
Pantera Capital Management's Bitcoin Fund, one of the earliest investment products offering customers exposure to cryptocurrency, has reached a milestone of a 1,000-fold increase in the value of its holdings since its July 2013 launch. According to CoinDesk, the fund has returned 131,165% after expenses and fees. Founder Dan Morehead noted on X that the fund saw a substantial surge following Donald Trump's election as U.S. president earlier in November 2024.

The fund initially acquired roughly 2% of the world's bitcoin supply when the cryptocurrency traded near $74. Bitcoin has risen more than 120% over the past year and recently reached a new all-time high just below $100,000, according to the report.

In a memo published on Tuesday, November 26, 2024, Morehead reiterated his bullish stance, writing that bitcoin is "still squeezing up like a watermelon seed." He projects a price of $740,000 by April 2028, which he said would equate to a market capitalization of $15 trillion, arguing that 95% of financial wealth has yet to engage with blockchain technology. He cited institutional products, including spot bitcoin and ether ETFs from BlackRock and Fidelity launched earlier in 2024, as key to extending access to tens of millions of clients. Morehead also argued that blockchain's 15 years of regulatory headwinds would now become tailwinds with the first pro-blockchain U.S. president taking office in January.

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Sources

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AlphaMaven summarised this story from the reporting below. Each link opens the original article.

Coindesk Dan Morehead's Pantera Capital Now Has a 1,000x Profit on Bitcoin (BTC)