The managing director of a crypto-focused hedge fund thinks that mass adoption could push the price of Bitcoin (BTC) up to $400,000 in as little as three years.
Pantera Capital CEO Dan Morehead said in a new interview with Bloomberg TV that BTC’s price increase is built on the core “Economy 101 Supply and Demand”.
“Every two years, 10 times more people use cryptocurrencies than in the past, and it has been for ten years. Every two years, 10 times more. And every two years, the price of crypto has increased 10 times. In my view, almost everyone with a smartphone will be using cryptocurrencies in the next 5-10 years, and if that’s true, they will have a much higher price point.”
Morehead also revealed the catalysts he thinks will push the price of Bitcoin to $400,000 by 2025.
“Global adoption of cryptocurrencies will increase, especially as more institutional investors enter the crypto industry.
This will help the price of Bitcoin rise to $400,000 by 2025.”
While the Pantera Capital CEO is also optimistic about BTC, he thinks that “most of the new innovation is in other things” in the crypto space.
Finally, Bitcoin is trading at $ 41,801 at the time of writing. The top-ranked crypto asset by market cap has gained more than 7% from where it was priced a week ago.
Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, KoinFinans and the author of this content cannot be held responsible for personal investment decisions.