Dan Morehead

Pantera Capital CEO: $40 Trillion Market Cap for Cryptos ‘Definitely Possible’

The founder and CEO of the crypto hedge fund Pantera Capital believes that it is definitely possible that the crypto market cap could reach $40 Trillion dollars. At the moment, the cryptocurrency market capitalization is $414 billion dollars. During the last December, it was headed towards $1 trillion and it stopped around $800 billion dollars.

Crypto Market Cap $40 Trillion Dollars

This is not the first time that Pantera Capital’s CEO comments bullish about Bitcoin and other virtual currencies. At UseTheBitcoin we wrote that Bitcoin could break $20,000 in 2018 and reach new all time highs.

This time, Dan Morehead explained during an interview with Bloomberg, that he thinks that the cryptocurrency market cap should be worth at least two times more above the current numbers.

Dan Morehead said:

“Obviously, we’re very bullish on the space. We think we’re way below, maybe an order of magnitude, or two, below the real fundamental fair value of blockchain. Anything that’s a $400 billion asset will not be ignored for long.”

During the interview he said that the market could move towards $4 trillion dollars, and reach $40 trillion in the future.

Some experts in cryptocurrencies and financial markets are also pointing that Bitcoin and virtual currencies could reach new values in the future. For example, John McAfee said that Bitcoin could reach $1 million dollars per coin before 2020.

During the interview, Morehead explained why Bitcoin is undervalued and how it can possibly keep growing in the next months and years. He said that Bitcoin is being traded under the 200-day moving average, and that every time that happened, Bitcoin price moved up much faster and stronger than before.

In December 2017, when the prices of cryptocurrencies skyrocketed, he said that the prices could decline up to 50%, or even more. And that’s what happened during the first quarter of the current year. Bitcoin reached its lowest point in months after 4 months in a bear market.

Currently, Bitcoin is being traded around $9200 dollars, and has a market capitalization of $157 billion dollars. Yesterday, we reported that its supply has just reached 17 million units mined.

Image CNBC