Besides the public statements, Pantera Capital’s CEO is a Bitcoin (BTC) supporter. He thinks the Bitcoin will double this year. Morehead said he’s bullish on Bitcoin. “Bitcoin is a very underestimated asset,” he said. “Bitcoin has enormous potential in terms of its disruptiveness to financial services.” He cited it as a currency that will probably continue to appreciate over the long term. In their earlier letter to investors, the corporate had forecasted that BTC would hit 115,000 this August, and “it’s essentially on pace to try to to that,” said the CEO, “it hit all the monthly milestones up through April.”
“I think it could double over the next five or six months. And I know that sounds crazy from your normal market standpoint but bitcoin has averaged more than tripping every year for ten years,” he said.
Per Morehead, BTC has had “a very consistent,” ten-year compound annual rate of growth of 233% a year. And while there are some bubbles and bear markets, “If you zoom out and appearance at it from any multi-year perspective the log growth has been very consistent,” he said, adding that “over subsequent several months, definitely over subsequent years, it’ll resume its trend.”
BTC is still well below its ten-year compound annual growth, so we’re not in a bubble or an over-priced territory, therefore it may be a good chance to buy, he suggested.
Bitcoin is not in a bubble and its growth has yet to peak for the year, he suggested. Over the past three or four months in terms of ESG concerns, Morehead said “more and more” institutional investors have been asking about environmental, social and governance (ESG) concerns related to their portfolio companies.
Tesla co-founder and CEO Elon Musk said Thursday that he does not “give — what you think” for his views on bitcoin. The company’s CEO, Elon Musk, will hold on to his Bitcoin that Tesla received from a Bitcoin Betting website. In a separate interview with Bloomberg TV, major crypto exchange Coinbase President and Chief Operating Officer Emilie Choi also noted that the space is increasingly driving sustainable innovation.
Tesla sales are booming. Tesla now has the momentum to become a more serious player in the renewable energy credit market which is expected to explode as early as this year. This is just a taste of what Mr. Musk can do with his newfound wealth, political clout and popular brand. Tesla is working with several banks and public companies that issue renewable credits and electric utilities to profit from the clean energy investments made by companies trying to meet those renewable energy goals.
In a report released earlier this month Glassnode, a blockchain analysis firm based in the UK with offices in Ukraine and China, claimed that 95 percent of BTC’s overall market cap is being held by investors. Forecasts from the company also suggested that BTC hodlers will continue to largely drive its price moving forward.
Positive or negative, historical changes to miner positions should always be viewed compared to the long-term trend of price. Positions require a few months to show accurate effects, as the value of precious materials accumulates.
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