Pantera Bitcoin Fund Sees 1,000x Milestone as BTC Holds Above $93K

• Pantera Bitcoin Fund recently achieved an “insane milestone.” 
• The development came after Bitcoin’s rally towards the $100,000 level last week.
• Pantera Capital’s CEO believes BTC could hit $740,000 soon.  

Pantera Capital CEO Dan Morehead announced that the company’s Bitcoin Fund recently achieved an “insane milestone” following the original cryptocurrency’s meteoric rise to new highs last week. 

Morehead’s statement came on November 26, when Bitcoin’s price hovered just above $94,000 after reversing its recent gains. Donald Trump’s decisive U.S. presidential election and expectations of a further interest rate cut by the Federal Reserve this year had fueled the crypto asset’s rally to an all-time high of $99,605 on November 22 before it embarked on a downward trajectory.

Pantera’s Bitcoin Fund Milestone 

According to the statement , the Pantera Bitcoin Fund has increased in value by 1,000 times. Morehead said the post-election surge took the fund 30% higher, bringing its lifetime returns to 131,161%, net of fees and expenses. 

“In 2013-15 we bought 2% of the world’s bitcoins,” Morehead wrote. “Even after eleven years, bitcoin is **still** squeezing up like a watermelon seed. Honestly, I just can’t help thinking that we still have many more years of very compelling returns.” 

The Pantera Capital CEO believes Bitcoin’s price could hit $740,000 when the “95% of financial wealth” that has yet to address blockchain put their “full-sized position” on the crypto asset. 

Per Morehead, regulatory clarity in the U.S. will catalyze BTC’s growth as institutional managers like BlackRock, Fidelity, and others continue offering affordable and efficient access via spot exchange-traded funds (ETFs).

“This new ease of access will finally allow tens of millions of investors and individuals to get exposure to this important new asset class,” Morehead added. 

The U.S. crypto market welcomed its first spot Bitcoin ETFs on January 11, a day after the Securities and Exchange Commission (SEC) approved them. In less than a year, the funds have amassed $102.23 billion in total assets, representing 5.44% of BTC’s $1.86 trillion market cap. 

According to Morehead, Donald Trump’s presidency is another dynamic that will influence Bitcoin’s upward trajectory in the future. The CEO believes the new administration will adopt a neutral or pro-blockchain stance, turning crypto regulatory headwinds into “tailwinds.” 

Bitcoin exchanged hands at $93,773 at the time of writing.  

Stay updated on last week’s crypto fund inflows:
Bitcoin Price Rally Fuels $3.1B Inflows into Global Crypto Funds

Read about MicroStrategy’s latest Bitcoin acquisition:
MicroStrategy Buys Additional 55,500 Bitcoins for $5.4 Billion