According to Dailyhodl reported on March 26, the CEO of blockchain and crypto hedge fund Pantera Capital stated that he believes that the price of Bitcoin is likely to break the record high of $ 20,000 in the next 12 months.
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In a new letter to investors, Morehead writes that the global economy is facing an unprecedented crisis.
"For 35 years, I have been engaged in trading activities in a turbulent global macro economy. This economic crisis is different from the past, and this will definitely end the longest-lasting global economic expansion ever. It may have an impact on the global economy Greater than any recent decline in memory. "
Morehead said he believes an economic crisis that is more severe than any post-war recession is coming. He cited data from Goldman Sachs and JP Morgan that "a real recession-negative global growth" is coming.
According to Morehead, the current macro environment has laid the foundation for Bitcoin and cryptocurrencies to rebound next year.
"Bitcoin was born in the financial crisis, and its advantages will really stand out in this crisis. Now that our fiscal deficit has reached the level of trillions of dollars, this will only affect assets that cannot be quantified (stocks, real estate, (Cryptocurrency) has a positive effect. In other words, the exchange rate of Bitcoin against the US dollar will rise. "
Morehead said he expects the bitcoin market to return to strength in stages, as investors with large amounts of capital will look for new investment opportunities as the US federal deficit surges.
"Bitcoin's price could hit a new high in the next 12 months. This won't happen overnight. My best guess is that institutional investors will need 2-3 months to work on current portfolio issues Classification and screening, and another 3-6 months to study new investment opportunities, such as non-performing debt, special investment, cryptocurrencies, etc. Then, as they begin to allocate assets, these markets will really usher in rising. "
Although these are uncertain, Morehead says his team at Pantera is preparing for the next bull market.
"My only job is to manage your funds in the cryptocurrency market. I firmly believe that these strategies will ultimately benefit the cryptocurrency market. This is our positioning."
Back in 2013, when the price of Bitcoin was $ 105, Morehead had predicted that the price of Bitcoin could soar to $ 5,000.
Pantera Capital is currently one of the largest funds in the crypto space and has invested in dozens of crypto and blockchain companies including Bakkt, Ripple, Abra, Circle, and ShapeShift.