Dan Morehead, The CEO of Pantera Capital is back again with one more Bitcoin Price Statement, this time he puts down High figures and says the bitcoin price will propel over $500,000 in August 2021 as the 12th may halving effect.
What is Pantera Capital?
A San Francisco Based Investment firm involved Blockchain, Cryptocurrency Ventures. Founded in 2013, this firm is popularly known by its online involvement in Bitcoins and Blockchain topics by its CEO and team.
Highlights
- Prediction about Bitcoin reaching $500K by August 2021
- Bitcoin Vs. Gold
- First time in history, oil turning towards negative
The Founder and CEO of Pantera Capital, a blockchain and cryptocurrency fund based in San Francisco, Dan Morehead on April 30, predicted that Bitcoin has a 50-50 chance to go up and “goes up big” and even hit over $500,000 by August 2021.
The statement about the prediction was made by Morehead in a letter which he sent to the investors in which he has analyzed and studied the performance of the bitcoin in the last halving:
After the first halving of bitcoin, the BTC supply reduced 15%, and eventually, that had a good impact on a price surge. The examination of the coin this time was done in comparison with gold, oil, and also venture capital.
However, at first, Morehead hesitated and refused to make a prediction saying he was a person of two minds. But, later he said that according to his predictions, the halving event is going to affect the price of the coin.
Also Read: John McAfee talks, Knows who is Satoshi Nakomoto
He justified his prediction further adding that if the supply of bitcoin after the halving is cut in half or kept equal, the price should rise.
He said “In the history of Bitcoin, it has bottomed 459 days prior to the halving, climbed leading into it, and then exploded to the upside afterwards. The post-halving rallies have averaged 446 days – from the halving to the peak of that bull cycle. In this cycle, the market did in fact trough 514 days before the halving.”
But that does not end there. He further left everyone jaw-dropped by saying…!
“IF history were to repeat itself, bitcoin would peak in August 2021 – at $533,431. Obviously that’s a big IF. That price sounds ludicrous… Just sayin’ that there’s more than a 50-50 chance bitcoin goes up – and goes up big.”
Bitcoin is ahead of Gold and Oil. What Say?
As stated earlier, the prediction by Morehead was made in a letter to his investors on March 25. The letter, however, did not just see the prediction about Bitcoin but also saw its comparison with other traditional assets like gold and oil.
He tweeted :
#Bitcoin overtakes Gold Year-To-Date.
Bitcoin was born in a financial crisis. It will come of age in this one.
According to Morehead, while BTC many people might not prefer gold nowadays it is still one of the most trusted and traditional assets and it is certainly past its sell date. Furthermore, in the favor of gold, he says that it is one of the oldest assets which has been there in the market for around 5,000 years, and therefore it is impossible for it to vanish from the market overnight.
On the other hand, while speaking about oil he spoke about oil going into negative for the first time ever in history. He compared the event of paying people in order to get their oil barrels sold with bitcoin and concluded saying “At Least you don’t have to pay people to take your bitcoin”
“…oil has been a terrible asset class. Oil’s 35-year compound annual growth rate (CAGR) is zero point zero…. It’s never even hit 6% in the very best of times. Bitcoin has a 9-year CAGR of 215% with essentially zero long-term correlation to the rest of the world,” Morehead further added.
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