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Bitcoin Could Power Cryptos To A $40 Trillion Market Cap In Near Future

Blockchain technology and the cryptocurrency market in general might still be in its infancy, but in terms of global celebrity status, Bitcoin is already bigtime. Bitcoin has more than a quarter-of-a-billion searches on Google, that’s more than Black Panther, Wonder Woman and The Avengers COMBINED. It is this level of mainstream fame that made Pantera Capital CEO Dan Morehead state he believes BTC will one day feature in a $40 trillion crypto market cap.

There have been many audacious claims made about Bitcoin of late, some positive, such as Tim Draper claiming Bitcoin was “Bigger Than The Internet!”, some less so, like Bill Harris stating that “Bitcoin Is A Scam!” However, there is unlikely to be a more outrageous, incredible, mid-boggling claim made in 2018 than that made by Dan Morehead last week.

The founder and CEO of Pantera Capital has stated that in his opinion, there is a distinct possibility that a Bitcoin led cryptocurrency market could one day have a market cap of $40 trillion dollars. Right now, the cryptocurrency market capitalization is $414 billion dollars, although as recently as last December the market cap seemed headed towards hitting $1 trillion, only to ease up at $800 billion.

Who Is Dan Morehead?

Dan Morehead is a US venture capitalist with over 25 years’ experience  in business and finance. Over the years, Morehead has held executive and management positions with firms such as  Deutsche Bank, Bankers Trust, Goldman Sachs, Tiger Management and Atriax. In 2003 he established Pantera Capital, which has offices in San Francisco, London and New York, and assets of $1.3 billion. Pantera Capital’s original focus was on global macro hedge-fund investments, buts since 2013, it has turned its attention exclusively to the cryptocurrency market, Bitcoin in particular.

In 2014, three major investment firms – the Fortress Investment Group, Ribbit Capital and Benchmark – handed Pantera Capital a reputed $150 million to invest in a largely unknown, somewhat controversial new form of currency named Bitcoin. Three years later in 2017, Pantera Capital handed back the three investors dividends of more than 25,000% greater than their initial investment.

This deal alone has become legendary, and handed Morehead and Pantera Capital semi-mythical status in both the venture capital and cryptocurrency worlds. It’s safe to say that Dan Morehead knows a thing or two about Bitcoin and projective crypto markets, so when he makes a statement like he made last week, no matter how bizarre it might sound, it’s still worth paying attention to.

What Did Dan Morehead Say?

In an interview on Bloomberg TV, Pantera Capital CEO Dan Morehead said that in his opinion, because of Bitcoin’s increasing value and profile influencing and stimulating the entire cryptocurrency market, the eventual market cap for the entire crypto market could be far greater than anyone had previously predicted – as much as $40 Trillion.

Here’s what he 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. The industry as a whole is $400 billion. It easily could go to $4 trillion, and $40 trillion is definitely possible.”

After what Morehead and Pantera Capital achieved when they returned 25,000% dividends on a three-year, $150 million investment, he has every right to believe that the blockchain market is far larger and worth much more than was previously speculated. And who in their right mind would bet against the entire crypto market cap not reaching at least $4 trillion in the near future?

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