US cryptocurrency-focused asset manager – Pantera Capital – is looking to raise $1.25 billion for its second blockchain fund.
Not too long ago, the head of the company – Dan Morehead – argued that the digital asset market bottomed out in June and a bull run was looming.
“Very optimistic” for the future
Pantera Capital launched its first cryptocurrency fund in August 2020, when it raised $165 million.
In a recent interview, CEO Dan Morehead revealed that Pantera Capital intends to launch a second blockchain fund that will be significantly larger than the previous one – $1.25 billion, which will be completed by May of this year. next year.
Morehead said his company believes in the future development of the cryptocurrency industry, and that is why it focuses on such investments:
“We want to provide liquidity to people who drop out because we’re still very optimistic about the next 10 or 20 years.”
The current state of the sector, however, is not so rosy. Today, the global cryptocurrency market capitalization has dropped below $1 trillion, while bitcoin is trading at around $19,000 (a 70% drop from the all-time high price in November 2021).
According to Morehead, the unsatisfactory performance of most digital currencies is due to the fact that they are highly correlated with other risky assets. However, he expects to see the end of this trend soon, which would lead to price expansion:
“Unfortunately, crypto prices have become correlated with risky assets, which honestly must not be true. My hope is that soon crypto will decouple from macro markets.
Morehead’s Crypto Predictions
Earlier this month, the CEO of Pantera Capital predicted that the ongoing crypto winter would soon begin to change. He compared it to other market declines that have happened in the past, which were then followed by increases:
“We have been through three major bear market cycles. I actually think we hit the lows in June and are in the next bull market. It might be tough and might take a while, but I think we’re on the next leg of a rally.
A few weeks later, Morehead predicted that billions of people would use blockchain technology in their businesses over the next four to five years. He claimed that this adoption could be another reason for future price increases for many digital currencies.
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US cryptocurrency-focused asset manager – Pantera Capital – is looking to raise $1.25 billion for its second blockchain fund.
Not too long ago, the head of the company – Dan Morehead – argued that the digital asset market bottomed out in June and a bull run was looming.
“Very optimistic” for the future
Pantera Capital launched its first cryptocurrency fund in August 2020, when it raised $165 million.
In a recent interview, CEO Dan Morehead revealed that Pantera Capital intends to launch a second blockchain fund that will be significantly larger than the previous one – $1.25 billion, which will be completed by May of this year. next year.
Morehead said his company believes in the future development of the cryptocurrency industry, and that is why it focuses on such investments:
“We want to provide liquidity to people who drop out because we’re still very optimistic about the next 10 or 20 years.”
The current state of the sector, however, is not so rosy. Today, the global cryptocurrency market capitalization has dropped below $1 trillion, while bitcoin is trading at around $19,000 (a 70% drop from the all-time high price in November 2021).
According to Morehead, the unsatisfactory performance of most digital currencies is due to the fact that they are highly correlated with other risky assets. However, he expects to see the end of this trend soon, which would lead to price expansion:
“Unfortunately, crypto prices have become correlated with risky assets, which honestly must not be true. My hope is that soon crypto will decouple from macro markets.
Morehead’s Crypto Predictions
Earlier this month, the CEO of Pantera Capital predicted that the ongoing crypto winter would soon begin to change. He compared it to other market declines that have happened in the past, which were then followed by increases:
“We have been through three major bear market cycles. I actually think we hit the lows in June and are in the next bull market. It might be tough and might take a while, but I think we’re on the next leg of a rally.
A few weeks later, Morehead predicted that billions of people would use blockchain technology in their businesses over the next four to five years. He claimed that this adoption could be another reason for future price increases for many digital currencies.
Binance Free $100 (Exclusive): Use this link to sign up and receive $100 free and 10% off Binance Futures fees for the first month (terms).
PrimeXBT Special Offer: Use this link to sign up and enter code POTATO50 to receive up to $7,000 on your deposits.