The CEO and founder of Pantera Capital, Dan Morehead, has made some dramatic price predictions for Bitcoin. Although he guides a 2019 Bitcoin price of $42,000, this isn’t even the most newsworthy part of his prophecy. Rather, his most sensational statement is a belief that Bitcoin will reach $356,000 “within a couple years”.
Bitcoin at $356,000 in 2021
Specifically, this news came as Morehead made an appearance on an episode of the Unchained podcast, on July 23rd. Morehead’s comment that Bitcoin will rush to a high of $42,000 this year, is optimistic all on its own.
However, Morehead then said that a further rally to $356,000 by the end of 2021 would be possible as well. In fact, Morehead claimed that the premier cryptocurrency’s “logarithmic growth rate” even suggested that Bitcoin reach this spectacular price point.
As such, Morehead suggested that doubters should graph out the price development of Bitcoin. Furthermore, he also notes that the current Bitcoin price, of just over $10,000, is well on the way toward $42,000.
“Graph the price of Bitcoin logarithmically […] its [Bitcoin’s] trend is going to grow at [a] 235% compound annual growth rate and […] that puts Bitcoin at $42,000 at the end of 2019. And I know this sounds crazy but we’re essentially halfway back there.”
Extrapolation of Bitcoin logarithmic development points towards $356,000
With that said, however, Morehead then went on to suggest that this same logarithmic line gives a 2020 price of $122,000 and a 2021 price of $356,000. Although the price of Bitcoin is not consistently linear, Morehead appears to hold a belief that an extrapolation of this price line can indicate the future price points.
“I think [there’s] a good shot that by the end of the year we hit that. And if you just extrapolate that line out for another year it’s $122,000 per Bitcoin [in 2020] and then one more year, $356,000 [in 2021].”
In addition to this, Morehead then went on to discuss the “technological development” being done to the Bitcoin network. Morehead was bullish regarding a potential increase in the number of possible transactions per second.
Nonetheless, the Pantera Capital founder did not shy away from other financial questions, and fielded his view on a potential Bitcoin ETF (exchange-traded fund). According to Morehead, the last asset class that was approved for an ETF – copper – took approximately three years.
Furthermore, Morehead notes that copper had, at that point, been around for 10,000 years. As such, Morehead suggested that a Bitcoin ETF may still be some way off.
Rasmus Pihl is a writer for Toshi Times by day and an avid follower of the blockchain industry by night. Rasmus holds a Bachelor’s Degree in Marketing from the Gothenburg School of Business, Economics, and Law and runs a Swedish marketing consulting firm. Moreover, when he isn’t writing for Toshi Times, traveling, working or changing the world in some other capacity, Rasmus is more than likely caught up in postgraduate studies.