Pantera founder Dan Morehead says bitcoin could reach $740,000 by April 2028, if current trendline continues
2024-11-27

Pantera founder Dan Morehead predicts that bitcoin could rally to $740,000 now that “pro-blockchain” President-elect Donald Trump is heading back to the White House.
“It’s already done three orders of magnitude,” Morehead wrote in a blog post, announcing his investment firm’s crypto-focused Pantera Bitcoin Fund has seen a 131,165% lifetime return since launching in 2013. “Another one seems plausible.”
According to Morehead’s thesis, bitcoin has been on a trendline that will bring it to $740,000 by April of 2028 if it continues its growth pattern. Bitcoin has “nearly” doubled every year, giving it a compounded growth rate of about 88% since Pantera began investing.
It’s “not an inconceivable number, relative to $500 trillion in financial assets,” he adds. At $740,000, bitcoin will have a market capitalization of $15 trillion.
Bitcoin’s recent rally, which has seen it routinely passing all-time highs to nearly $100,000, is part of the positive post-election economic outlook that has driven many financial markets up. Morehead noted that incoming President Donald Trump has reignited faith that regulatory clarity for crypto could be coming, which would benefit the entire industry. 
“We believe the broader industry will benefit greatly from the first pro-blockchain U.S. president in office,” Morehead said. “In our view, blockchain’s success is in the best interest of the nation and we believe everyone in Congress will eventually adopt a neutral or pro-blockchain stance – it’s beginning to happen Blockchain’s 15-year regulatory headwinds are now turning into tailwinds.”
In his post, Morehead noted that Pantera began investing at “literally the low print of the last 11 years” when bitcoin, its initial investment, was changing hands at $65. He quoted a letter he wrote to investors over a decade ago, saying that bitcoin is the “first global currency since gold” and the “first borderless payment system ever.”
“Even after 11 years, bitcoin is **still** squeezing up like a watermelon seed,” he said. 
Compared to publicly traded companies, Morehead noted, bitcoin would be the sixth largest with its current market cap of around $2 trillion, putting it ahead of Meta.
Pantera was founded in 2003 by Morehead, a former Goldman Sachs Group bond trader. Initially a global hedge fund, the firm shifted focus in 2013 when it launched the first crypto fund, the Pantera Bitcoin Fund. 
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