During a recent appearance on CNBC, Dan Morehead, chief executive officer at US-based cryptocurrency fund Pantera Capital, predicted that the price of Bitcoin could potentially surge to as high as $750,000 within the next four years.
Morehead is not sure when BTC will be able to hit the oft-repeated $1 million target, but he is certain that this will eventually happen during his lifetime.
Morehead has recalled that Pantera Capital was actually the very first Bitcoin fund in the world. "That was the easiest way to get access then. Now, an ETF is very easy," he said.
Notably, Panteral Capital's first price target for Bitcoin was $5,000. It was announced back in 2013 when the largest cryptocurrency was trading at just $104.
Pantera Capital first predicted that Bitcoin could hit $740,000 last year. The firm initially saw the cryptocurrency reaching this target in 2028, but it also cautioned that such a prediction might be too optimistic.
Ethereum vs. Solana
Morehead has noted that Solana has been among the best-performing major currencies, and the firm currently has its biggest position in the high-flying altcoin.
"It's actually had better performance than even Bitcoin over the last four years," he noted.
He has noted that Solana is capable of doing roughly 9 billion transitions per day, which is more than the entire capital markets.
However, he is convinced that there is no "winner-take-all" mentality in crypto, noting that there were actually a lot of winners in the age of the internet.
With that said, he believes that there is only a single digit of layer-1s, including Ethereum and Solana, that will be able to survive in the long term.
Dan Burgin
Vladislav Sopov
U.Today Editorial Team