Dan Moorhead, founder and CEO of Bitcoin (BTC) investment firm Pantera Capital, has maintained his optimistic view of Bitcoin for 2021.
Bitcoin is expected to rise to $ 115,000 by August 2021, up 200% over the next eight months, according to a January 12 conference call.
The port originally came up with this prediction in August 2020 when Bitcoin traded at around $ 11,600. At the time of publication, the cryptocurrency is trading at over $ 38,000. Moorhead said on Tuesday that there is still plenty of room for growth for Bitcoin:
I mean, no […] Bitcoin spent three years far below the long-term cumulative annual growth trend line, but it is still lower, and although Bitcoin has accumulated a lot in six months. Very much appreciated. ”
Moorhead believes that major global developments in digital currency such as the Chinese digital yuan will have a positive impact on the crypto market by increasing regular adoption. “There are more than a billion people on earth who do not have access to a bank, but they do have access to a smartphone, and that’s all you need to use the cryptocurrency,” Moorhead said.
Joy Krug, Chief Information Officer at Pantera, said that Bitcoin’s continued rally is different from previous rallies and will not end in the same way as the previous race in 2017. Krug said that the recent rally is much stronger based on acceptance.
He said: “The basic thing in 2017 was that there was not much of the basics. Most of the projects were just an idea on a piece of paper, most things never started, and most things were “no living products”.
Moorhead is not the only person who believes that Bitcoin will reach $ 100,000 by 2021. In early January, Binance.US CEO Catherine Cooley predicted that Bitcoin would reach $ 100,000 by the end of the year. PlanB, the creator of the stock-to-energy model, expects Bitcoin to reach $ 100-288,000 by December 2021.
On January 8, Bitcoin reached a full-time high of $ 42,000 after a massive rally that shattered $ 20,000 by the end of 2020. After the correction, Bitcoin falls consistently and trades at $ 38,600, which is roughly higher. 12% in the last 24 hours.