Pantera Capital bought a huge amount of Bitcoin in 2013, and CEO Dan Morehead is still very satisfied with that. That makes sense, because that investment currently has a return of more than 130,000%.
Bitcoin in 2013 was like gold in the Stone Age
Dan Morehead has been visiting the media more often lately to talk about the success of his fund.
For example, in August 2013, he wrote the following memo to his investors: “I was discussing with a Bitcoin investor yesterday, and he responded a bit skeptically by stating that buying BTC is comparable to gold. No, it’s like buying gold in the year 1,000 BC.”
Morehead launched the Pantera Bitcoin Fund in July 2013 and since then the fund’s investment has increased by a factor of 1,000 from its initial purchase at $74.
Morehead also thinks that it is no longer possible for Bitcoin to drop to zero. Bitcoin has “escaped” with a global user base of 300 million people,” he said on CNBC’s Squawk Box on November 27.
BlackRock and Fidelity began a ‘gigantic transformation’
Parties such as BlackRock and Fidelity launched Spot Bitcoin ETFs in 2024, starting a “gigantic transformation” according to Morehead.
He predicts that Bitcoin could eventually become an asset with a market value of $15 trillion. That would give a Bitcoin price of around $740,000, and an increase of 667% from current prices.
According to Morehead, it is possible for Bitcoin to see those kinds of prices on the boards in April 2028.
“I can only imagine that we still have many years of unprecedented returns ahead of us,” says the successful fund manager.
It was not easy for Pantera Capital, as Bitcoin suffered an 87% crash in December 2013, about six months after the initial purchase of its fund.
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Source: https://newsbit.nl/bitcoin-kopen-in-2013-was-als-goud-kopen-in-1000-v-chr/
