OPUSD Optimism

As Bitcoin (BTC) prices faced a correction on Tuesday, Dan Morehead, founder and managing partner of Pantera Capital, expressed optimism about the cryptocurrency’s future. In a recent interview, he suggested that the current market challenges could be temporary and that the rally might not be over. Bullish Future For Bitcoin Amid Regulatory Shifts  Reflecting on Pantera Capital’s journey since launching its Bitcoin fund 11 years ago, Morehead acknowledged the skepticism they faced in 2013. “People totally thought we were crazy in 2013,” he stated, emphasizing the persistent negativity surrounding Bitcoin.  The executive views this prevailing pessimism as a positive sign, reinforcing his bullish stance. “So many people are still negative. It’s far from being a bubble,” Morehead told Bloomberg. Related Reading: Bitcoin Price Alert: Expert Warns Of Upcoming 25% Drop, Timing And Trends Explained Pantera’s Bitcoin fund has yielded a substantial lifetime return of 132,118% since its inception in July 2013, when Bitcoin was valued at just $74. Morehead predicts that Bitcoin could eventually reach $740,000, attributing this potential growth to a changing regulatory landscape.  Morehead highlighted the shift from “15-year regulatory headwinds to tailwinds,” particularly citing the more crypto-friendly policies expected from the administration of President-elect Donald Trump. The original Bitcoin fund launched by Pantera is notable for being the first to provide US investors with direct exposure to the cryptocurrency. Having recently traded around $91,000 after nearing $100,000 last week, the Bitcoin price has surged approximately 120% this year. Advocating For Crypto Reserves Morehead also discussed Pantera’s new venture fund, Pantera Fund V, which aims to raise $1 billion to invest in various blockchain assets, including private tokens and “special opportunities” such as locked Solana (SOL) tokens from the FTX estate.  “Fortunately, we raised the big fund right before the industry-wide blowups in 2022,” Morehead remarked, noting that this timing has allowed them to deploy capital effectively over the last few years.  The company’s founder pointed out that many “generalist firms” have exited the cryptocurrency space, leaving fewer competitors in the market. This environment has reportedly enabled Pantera Capital to secure “better pricing and more advantageous deals.” Related Reading: BNB Price Sets Up for a Comeback: Bulls Eye Higher Levels Morehead, who has a background as a trader at Goldman Sachs, also commented on Trump’s proposal for a US Bitcoin stockpile. He described the idea as “rational,” arguing that holding gold as a reserve is an “outdated method” of storing wealth. “If they put some of that money in Bitcoin, that is a fantastic way to have a reserve currency holding,” he concluded. At the time of writing, the leading crypto has regained the $93,000 level, while recording a 1.5% decline in the 24-hour timeframe.  Featured image from DALL-E, chart from TradingView.com