Dan Morehead Defends Bitcoin’s Value: Bitcoin is the Gold of 1000 B.C.

Dan Morehead Defends Bitcoin’s Value: A 130,000% ROI and Historic Gold Analogy

A doubting investor was allegedly persuaded by Dan Morehead, founder and managing partner of Pantera Capital, the first cryptocurrency fund in the United States, that purchasing Bitcoin was similar to purchasing gold in the Iron Age. Morehead stated in a blog post on November 26 that his fund had now increased by more than 130,000% since its first investment.

I was discussing bitcoin with an investor yesterday and he replied somewhat dismissively ‘It’s just like buying gold,’ No, it’s like buying gold in 1000 B.C,

Morehead

From $74 to $740,000: Morehead’s Vision for Bitcoin’s Future

Morehead noted that since launching the Pantera Bitcoin Fund in July 2013, the fund has generated a return on its initial Bitcoin investment of $74, which is more than 1,000 times its lifetime return. According to him, just 1% of the world’s wealth had heard of Bitcoin at that point, and when more did, its value would either drop to zero or increase by orders of magnitude. However, Bitcoin cannot drop to zero right now, according to Morehead.

About 5% of financial wealth is currently exposed to Bitcoin, according to Morehead, but that percentage will inevitably increase as US regulations become more clear and Bitcoin becomes more institutionalized. This movement has been sparked by BlackRock and Fidelity’s spot Bitcoin exchange-traded funds, Morehead said, adding that Bitcoin might eventually reach $15 trillion in value. That would bring the price of Bitcoin up to over $740,000, which is 667% more than it is now. By April 2028, it might arrive, according to Morehead.

I just can’t help thinking that we still have many more years of very compelling returns.

Morehead

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