• Dan Morehead predicts a Bitcoin boom to $700,000 amid a tidal wave of adoption – Here’s When

  • On the backdrop of rising adoption rates, Pantera Capital founder Dan Morehead predicts a $700,000 Bitcoin (BTC) price.

    Pantera Capital, founded in 2013, is a crypto asset management firm that now manages over $2.8 billion in assets.

    Morehead offers his bullish argument, claiming that if everyone with a smartphone connects to the Bitcoin network, the top crypto asset may approach $700,000.

    “We conducted research on the number of people who have used Bitcoin over time, as well as the price of Bitcoin. Every two years, both of those data series increased by an order of magnitude. If this trend continues, Bitcoin will be worth $700,000 when everyone with a smartphone uses it. “A ten-year forecast is reasonable.”

    Bitcoin has risen about 40% in the previous ten days from its lows of just under $30,000. Bitcoin’s worth is currently slightly around $42,000, so Morehead’s objective of $700,000 would require a 1,570 percent increase in value, according to CoinGecko.

    Since January, according to Glassnode data, the number of active Bitcoin companies has decreased by 41%. However, the number of active companies has increased by 30% in the last week.

    “Bitcoin’s Active Entities have increased by 30% in the last week, jumping from [250,000] to [325,000] active entities every day.

    In July 2020, when BTC prices were around [$11,300] in Q2-2020, this level of activity was maintained.”

    The number of active entities, according to Glassnode, is the number of “unique entities that were active either as a sender or receiver.”

    Due to a number of fundamental factors, Morehead believes Bitcoin will restart its positive trend in the midterm.

    “I believe the macro story is overwhelmingly positive. Because so much money is being printed and so many institutions are entering the market, the markets will restart their rally over the next twelve months.”

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