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A leading figure in the cryptocurrency space made a bold prediction that bitcoin could reach a total market capitalization of $15 trillion within the next four years.
Pantera Capital CEO Dan Morehead said global blockchain adoption is still lagging behind other global financial assets, and said blockchain's untapped potential could propel bitcoin to exponential growth in its <a target="_blank" href="https://coinmarketcap.com/currencies/bitcoin/” target=”_blank” rel=”nofollow”>market capitalization.
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bitcoin and the target of $740,000
The Pantera executive believes the price of bitcoin could skyrocket to $740,000 per coin, something the CEO said would happen in the next four years.
Morehead said the price increase will be driven by the growing adoption of technology in the financial sector, adding that “blockchain remains largely untapped.”
If bitcoin reaches the $740,000 mark, Morehead predicted that the total market capitalization of the first-born cryptocurrency could reach a whopping $15 trillion.
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Pantera Capital CEO Predicts bitcoin Will Hit $740,000
Dan Morehead, CEO of Pantera Capital, highlighted in a letter to investors that the company's bitcoin fund, launched in 2013, has generated a lifetime return of 132.118%, Bloomberg reported. Morehead predicts that bitcoin could eventually reach…
– Coinness Global (@CoinnessGL) <a target="_blank" href="https://twitter.com/CoinnessGL/status/1861417892048142787?ref_src=twsrc%5Etfw” rel=”nofollow”>November 26, 2024
Some might think that $15 trillion is an exaggerated figure, but it is not, according to the crypto executive.
Morehead explained that a market cap of $15 trillion for btc remains modest, noting that global financial assets have a market cap of $500 trillion.
Financial wealth needs technology
Morehead didn't pull his forecast out of thin air, saying it's based on the fact that financial wealth needs technology.
The crypto executive noted that around 95% of financial wealth is not yet dedicated to technology. Many analysts see block chain technology revolutionizing the financial sector.
Morehead said the financial wealth industry is in the early stages of a “massive transformation.”
“95% of financial wealth has not addressed blockchain. They are just beginning this massive transformation. When they do, bitcoin could be at something like $740,000/btc,” he noted.
Morehead said bitcoin could reach a market capitalization of $15 trillion as early as April 2028. However, he warned that reaching this level of market capitalization could take a few years longer than April 2028, citing the unpredictability of the trend. prices as the main driver of bitcoin's valuation trajectory.
At the time of writing, bitcoin is being <a target="_blank" href="https://www.coingecko.com/en/coins/bitcoin” target=”_blank” rel=”nofollow”>listed at $93,785 per coin with a total market capitalization of $1.8 trillion.
bitcoin: historical growth
Morehead said that historically, there are three orders of magnitude in btc price growth, and noted that further price growth is possible.
He noted that bitcoin and other cryptocurrencies are attractive investments because digital assets have high return potential relative to their risk profile.
“The expected value of the trade is the most compelling I've seen in almost 40 years of doing this,” he added.
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Current market condition
In the past few days, analysts noted that bitcoin's price decreased by 1.23% to $91,000, while its trading volume increased by 12% to $91 billion. On the other hand, btc's total market capitalization dropped slightly to $1.8 trillion.
Furthermore, market liquidations of bitcoin and small market cap coins were set at $112 million and $81 million, respectively.
Featured image of DALL-E, TradingView chart
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