Dan Morehead, founder and CEO of Bitcoin (BTC) investment firm Pantera Capital, has maintained his bullish Bitcoin prediction for 2021.
Bitcoin is poised to hit as much as $115,000 by August 2021, surging 200% in the next eight months, Morehead reportedly said at a conference call on Jan. 12.
The exec initially made this prediction in August 2020, when Bitcoin was trading at about $11,600. At publishing time, the cryptocurrency is trading at over $38,000. On Tuesday, Morehead said that Bitcoin still has lots of room for growth:
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“Is bitcoin overvalued? I would say no. […] Bitcoin has spent three years well below its long-term compound annual growth trend line, it’s still below it, and although Bitcoin has rallied a great deal over the last six months, I think it is fairly valued.”
Morehead believes that major global digital currency developments like China’s digital yuan will positively impact the crypto market by boosting mainstream adoption. “There are over
