Pantera Capital Posts 10,000% 5-Year Return on Crypto Investments
— Pantera Capital (@PanteraCapital) July 27, 2018
In a recent Medium post, Pantera shares a number of internal emails from 2013 that reveal how the firm initially viewed the brand new digital currency.
With Bitcoin at $104.48 in August of 2013, Pantera had set a $5,000 price target, giving it a 2% chance of success while recognizing its potential to upend current financial institutions.
No, it’s like buying gold in 1000 B.C. 99% of the financial wealth has yet to address bitcoin. When they do, bitcoin is either going to be worth zero or $5,000 /BTC
In an email shortly after that, in November of 2013 when Bitcoin was at $253.69, Pantera doubled down on its price speculation, citing a spike in trading volume and the removal of the highly controversial Silk Road as signals for institutional investors to begin moving into the space.
Now that Silk Road is gone, a new wave of sophisticated investors are entering. It feels like it’s happening. A melt-up which could be orders of magnitude.
Moving forward, Pantera has set two more price targets based on the historical trend line of the logarithmic chart for bitcoin.
Projecting price through the end of 2019 using this historical trend line as a guide would put the price of bitcoin at around $21,000 by the end of 2018, and $67,500 at the end of 2019. Seems eminently reasonable to me. Those are our current bitcoin price forecasts.
Disclaimer: This article’s author has cryptocurrency holdings that can be tracked here. This article is for informational purposes only and should not be taken as investment advice. Always conduct your own due diligence before making investments.