Pantera Forecast: Bitcoin to hit $67,500 by 2019

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Pantera Capital, a Silicon Valley based investment firm recently celebrated its 5th year anniversary, in a rather interesting fashion. They forecast bitcoins price breaching $21,000 by the end of 2018, and $67.500 by the end of 2019.

Their first bitcoin fund recently completed five years, with a lifetime return exceeding 10,000%

Pantera Bitcoin Fund was launched five years ago this month. The Fund’s lifetime return is 10,136.15% net of fees and expenses.

In a newsletter sent out in August 2013, while bitcoin was trading at about $104, Dan Morehead, the fund’s CEO asserted that bitcoin could breach the $200 mark.

This was followed by another newsletter in November when bitcoin was trading at $253. Not only was the price forecast accurate, but bitcoin trading volumes at that time were at a new high, increasing by a multiple of four as compared to July 2013.

This throws light on the basic premise and the thought process behind one of the most prolific investors in the industry. Some of Pantera’s interesting investments include Basis, which aims to create an algorithmic stablecoin, apart from other investments in OpenToken, which is an excellent platform for investors to easily support ICO’s, track their investments and convert tokens into cryptocurrencies at ease.

According to this price chart on their blog post, which has a yellow trendline, Pantera forecasts Bitcoin breaching $21,000 by the end of 2018, and $67,500 by the end of 2019.

The forecast although extremely optimistic, sounds reasonable given bitcoins volatility and movement over the past few years.

Joey Krug, the Co- Chief Investment officer at Pantera, who also launched the first ever ICO for a decenralized prediction marketplace – Augur, which recently went live on July 9th.

Augur has a grand vision, decentralizing and democratizing finance. It stands as an impressive use case of blockchain technology, leveraging smart contracts to a great extent.

More recently, Mastercard’s CEO Ajay Banga termed cryptocurrencies junk and asserted that they were not an ideal medium of exchange.

 

 

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