Dan Morehead, founder and managing partner of Pantera Capital Management repeat His bullish stance on Bitcoin, predicting that the leading cryptocurrency could eventually reach a market value of $15 trillion. Moorhead’s comments came during a recent interview on CNBC’s “Squawk Box,” where he also highlighted Pantera’s original Bitcoin fund, which has returned more than 1,000 times since its inception in 2013.
$740,000 per Bitcoin in April 2028?
According to Moorhead, institutional exposure to cryptocurrencies is still woefully inadequate. “The average institutional ownership of blockchain technology is zero,” he points out, and even leading investors typically keep only 1-2% of their allocations in digital assets. He described the opportunity as massive, noting that “95% of financial wealth has no investments in blockchain at all,” which translates to minimal overall exposure — often a fraction of a percent.
Reflecting on the early days of cryptocurrencies, Moorhead recalls years of unclear regulations preventing institutions from making meaningful commitments. As Donald Trump takes office, he envisions more supportive frameworks for digital assets, hinting that the US government could reverse its early internet-era strategy: “93% of the market capitalization (of cryptocurrencies) is outside the US.” , which emphasizes the need for local regulatory clarity.
When asked about the possibility of President-elect Trump creating a strategic reserve of bitcoin, Moorhead commented: “I think there are two versions of that. One is that the president-elect said he would not sell the bitcoins that the United States already owns. The United States owns 1% of the bitcoins.” In the world, it seems easier to do than to get permission to buy additional bitcoins. I think it is a great strategy. The US is the reserve currency in the world. So saving in Bitcoin would be a great strategic move.”
Despite Bitcoin’s meteoric gains, Moorhead believes there is room for further growth, especially since many large investors remain skeptical. He recounted raising just $1 million during 170 investor meetings in 2016 — an experience that reinforced the idea that widespread adoption is still years away. Now, with major financial giants introducing Bitcoin, Moorhead is no longer worried about the price of Bitcoin going to zero. “50 million people in the United States, 300 million people globally have it. Blackrock and Fidelity are selling it. “It has reached escape velocity,” Moorhead said.
Looking to the future, Moorhead outlined a vision of reaching Bitcoin’s market capitalization of $15 trillion, with the price of one coin potentially rising to $740,000: “It’s up by three orders of magnitude since we launched our fund, and I think it could go up by a quarter.” This puts it at a market value of $15 trillion, which still seems relatively small compared to the $500 trillion in financial assets that is possible. In a recent note to investors, Moorhead revealed that Bitcoin could reach This target is as early as April 2028.
At press time, BTC was trading at $100,000.
Featured image from YouTube, chart from TradingView.com
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