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Pantera Bitcoin Fund has achieved a 1,000-fold increase since its inception with returns over 130,000%.
Dan Morehead projects Bitcoin could reach $740,000 per BTC due to increasing financial adoption.

Pantera Bitcoin Fund, one of the earliest Bitcoin-focused investment funds, has reached an extraordinary milestone with 1,000x returns, representing a lifetime gain of over 131,000%.

In a blockchain letter shared on Pantera Capital’s website, Dan Morehead, Pantera Capital’s CEO, reflected on the fund’s success.

He projected that Bitcoin could reach $740,000 by 2028, which would equate to a market cap of $15 trillion—an achievable figure within the context of $500 trillion in global financial assets.

Morehead highlighted Bitcoin’s trajectory of achieving three orders of magnitude growth so far and suggested another order of magnitude is plausible.

He also credited institutional involvement from major firms like BlackRock and Fidelity as pivotal drivers of the next wave of adoption.

“Bitcoin is the first global currency since gold and the first borderless payment system ever,” he stated, highlighting its transformative potential.

Founded in 2003 as a global macro hedge fund, Pantera Capital pivoted to digital assets in 2013 under Morehead’s leadership, launching the Pantera Bitcoin Fund.

In its early years, the fund acquired 2% of the world’s Bitcoin supply, betting on its potential as a highly asymmetric trade.

“The day we chose to launch Pantera Bitcoin Fund was literally the low print of the last eleven years,” Morehead reflected.

In the blockchain letter, Morehead detailed the fund’s journey through emails and memos, offering insights into his evolving thoughts on Bitcoin at various stages of its growth.

He compared early Bitcoin investments to buying gold in 1000 BC, underscoring its transformative role in global finance.

Beyond its Bitcoin fund, Pantera Capital has driven blockchain innovation through strategic investments.

It backed Coinbase, which reached an $85 billion valuation during its 2021 public listing, Alchemy, a leading blockchain development platform, and Bitso, a top Latin American cryptocurrency exchange.