Pantera Capital CEO Dan Morehead Says Bitcoin (BTC) Fund Recently Achieved 'Insane Milestone' of 1000x Return

In its latest Blockchain Letter, Pantera Capital CEO Dan Morehead says that the Pantera Bitcoin Fund "recently achieved an insane milestone – 1,000x."

Digital assets investment firm Pantera Capital is celebrating a massive four-figure return on its Bitcoin (BTC) fund, which was launched in 2013.

In the latest Blockchain Letter, Pantera Capital CEO Dan Morehead reveals that the Pantera Bitcoin Fund “recently hit an insane milestone – 1,000x.”

“The post-election surge has taken the fund a further 30% higher. The Fund’s lifetime return is now 131,165% net of fees and expenses.”

Morehead also believes that Bitcoin is set to surge to an astronomical value through greater adoption, which he partly attributes to the election of pro-crypto Donald Trump as US president.

He points out that only about 5% of the world’s wealth has currently taken a position in Bitcoin.

“The catalyst for the change – from 5% [of financial wealth] in 2024 to a much higher number – just happened: regulatory clarity in the United States. Massive institutional managers like BlackRock, Fidelity, and others are now offering incredibly cheap, efficient access to anyone with a brokerage account. This new ease of access will finally allow tens of millions of investors and individuals to get exposure to this important new asset class.

We believe the broader industry will benefit greatly from the first pro-blockchain US president in office. In our view, blockchain’s success is in the best interest of the nation and we believe everyone in Congress will eventually adopt a neutral or pro-blockchain stance – it’s beginning to happen. Blockchain’s 15-year regulatory headwinds are now turning into tailwinds.”

According to Morehead, the greater adoption could send Bitcoin soaring more than 687% from its current value.

“That’s still exactly how I feel. We’re still early. 95% of financial wealth has not addressed blockchain. They are just beginning this massive transformation now. When they do, Bitcoin might be at something like $740,000 per BTC.”

In a recent interview on CNBC’s Squawk Box, Morehead says that the current level of adoption has led him to stop telling people that Bitcoin has a chance of going to $0.

“I used to tell people it could definitely go to zero to try and be conservative. I don’t think it’s possible now. Fifty million people in the US own it, 300 million people globally. BlackRock and Fidelity are selling it. It really has reached escape velocity.”

At the time of writing, Bitcoin is trading at $93,931, up over 152% on the year.