Buying Bitcoin in 2013 was like buying gold in 1,000 BC, says Pantera Capital founder Dan Morehead. In a recent blog post, Morehead reflected on how his fund has surged over 130,000% since its first Bitcoin purchase at just $74 in July 2013. “I was discussing Bitcoin with an investor yesterday and he replied somewhat dismissively, ‘It’s just like buying gold.’ No, it’s like buying gold in 1000 B.C.,” he said, quoting an investment memo he wrote over a decade ago.
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Pantera Capital’s Early Investment Pays Off
Morehead’s Pantera Bitcoin Fund, launched in 2013, has made a more than 1,000-times return on its first Bitcoin purchase. At the time, Bitcoin was considered a risky investment, with only 1% of global financial wealth exposed to it. Fast forward to today, and Morehead is confident Bitcoin has hit “escape velocity” with 300 million owners worldwide. “Bitcoin is not going to zero,” Morehead confidently stated in a CNBC interview.
Bitcoin’s Potential Growth Draws Institutional Interest
Looking ahead, Morehead predicts Bitcoin could become a $15 trillion asset, pushing its price to $740,000 by 2028. This prediction is fueled by rising institutional interest, especially after major players like BlackRock and Fidelity launched Bitcoin exchange-traded funds. Morehead emphasized that Bitcoin’s journey is far from over, stating, “I just can’t help thinking that we still have many more years of very compelling returns.”
At the time of writing, Bitcoin is sitting at $95,125.46.
