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Pantera: Bitcoin in Early Stages of Large Bull Market Fueled by Powerful Macro Tide – Here’s How High BTC Could Go This Cycle

by Daily Hodl Staff
September 15, 2020
in Bitcoin

Executives at the crypto-focused venture firm Pantera Capital think future inflation will drive up the prices of Bitcoin and other crypto assets.

In a new market report, Dan Morehead, Pantera’s CEO and co-chief investment officer, and Joey Krug, the firm’s other co-chief investment officer, highlight the Federal Reserve’s new policy of allowing inflation to support the labor market, which they say is going to kick off a new bull run for digital assets.

“Assets such as gold which have not been impaired by the pandemic are rising even faster. Gold is at a 5,000-year high. Or, said another way, paper money is at an all-time low. However, the best performing assets are ones which have both fixed-supply and improved usage/fundamentals – like cryptocurrency. Cryptocurrency has out-performed most/all other asset classes this year.

We strongly believe we are in the early stages of a large bull market fueled by both a powerful global macro tide and growing fundamentals in the underlying technology.”

Morehead has placed his BTC price target at $115,000, which he thinks will likely happen by next summer. Despite their confidence, however, they still warn that Bitcoin is volatile and risky, and remains a “massive hype cycle roller coaster.”

In terms of their own investments, Pantera recently sunk money into YFI and Terra (LUNA), according to the executives.

YFI is a two-month-old governance token for the decentralized finance (DeFi) protocol yearn.finance. The asset has been largely immune to the September slump that plagued other cryptocurrencies and is trading at almost $40,000 at time of writing, according to CoinMarketCap.

Terra is a network of stablecoins pegged to some of the world’s major currencies. LUNA, Terra’s native staking asset, can be traded or staked to earn rewards in the network generated from transaction fees. It is trading around $0.32 at time of writing.

 
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

Featured Image: Shutterstock/Ople Witsanu

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