Bitcoin Price Could Reach $740,000 by 2028: Pantera Capital CEO

Pantera Capital Management predicts that the price of Bitcoin could exceed $700,000 in 2028, shortly after the asset’s launch was headed for a six-figure valuation per token last week.

Dan Morehead, CEO of Pantera Capital said A letter to investors on Tuesday said that based on historical trends, Bitcoin could reach $740,000 by April 2028 Elected pro-crypto President Donald Trump and a Majority-friendly US Congress for digital assets.

And with only 5% of financial wealth invested in blockchain-related assets, Morehead believes Bitcoin’s price still has plenty of room to grow.

“Even after 11 years, Bitcoin is still shrinking like a watermelon seed,” Morehead wrote. “Blockchain’s 15-year regulatory headwinds are now turning into tailwinds.”

The CEO’s optimistic forecast comes amid good news for the hedge fund: Pantera Capital’s Bitcoin fund, launched in July 2013, has returned more than 131,000% over the past 11 years, excluding costs and fees.

These huge returns come as the value of the hedge fund’s Bitcoin has increased more than a thousand-fold since it first purchased the asset more than a decade ago at $74 per token.

The world’s oldest digital currency is trading at around $96,300 at the time of writing, CoinGecko Data shows.

Despite Bitcoin’s astronomical growth, Morehead believes that it is “still early” for the leading cryptocurrency and that there is still plenty of room to run.

“I can imagine an investor thinking, ‘Bitcoin has doubled this year.’ “Well, I guess I missed it,” Morehead said in the letter. “That’s the wrong attitude.”

Edited by Andrew Hayward