One of the largest cryptocurrency investment firms, Pantera Capital, reported a 10,000% lifetime return on their Bitcoin Fund, which celebrated its 5th year anniversary.
Pantera Bitcoin Fund has been in existence for 5 years, and it has yielded staggering returns upwards of 10,000% as revealed by an official publication shared by company CEO Dan Morehead and co-chief Joey Krug.
Interestingly enough, though, the celebratory post goes back in time to 2013, showcasing an email that Morehead had sent.
Strong Convictions
The email, which Morehead sent is dated August 21st, 2013, contains his strong conviction that Bitcoin is the “first global currency since gold.”
At the time of the email, Bitcoin was trading at $104.48, and Morehead was convinced that “now is better than later” when it comes to investing. Going further, he also predicted that BTC will trade at $5,000 because it “dominates cash, electronic fiat money, gold, bearer bonds, large stone discs, etc. It can do all of the things that each of those can.”
The next email they shared was again from the company’s CEO and is dated three months later – November 6th, 2013 – when Bitcoin was trading at $253.69.
Stronger Comparisons
While Morehead didn’t spare his superlatives on Bitcoin, he also made a really strong comparison between the world’s largest cryptocurrency and Microsoft. On the matter of whether or not to invest in Bitcoin back in the time, he noted:
It’s like deciding whether to buy Microsoft back in the day at $0.20 a share. It was hard to do when the stock was just at $0.10. In the fullness of time…clearly a great trade. I believe bitcoin right now is just like that. The world’s first global currency since gold and the world’s only borderless payments system (frictionless to boot) at a market cap of $3bn? Now that Silk Road is gone, a new wave of sophisticated investors are entering. It feels like it’s happening. A melt-up which could be orders of magnitude.
Looking at where Bitcoin is right now, Morehead’s statement surely seems to have merit. Currently trading at $8,144.32, marking a slight 0.54 percent decrease over the last 24 hours, Bitcoin is standing at a market cap of almost $140 billion.
The post also reveals a chart depicting the trend of Bitcoin price growth based on historical factors. The same chart sees BTC at $21,000 by year end and at $67,500 by the end of 2019.
Do you think Pantera is right to predict Bitcoin’s price standing at $67,500 by the end of 2019? Don’t hesitate to let us know in the comments below!
Images courtesy of Shutterstock.