Pantera CEO Says Bitcoin Is ‘Screaming Buy,’ Bets on Icon

Bitcoin “is a screaming buy right now,” according to Dan Morehead, chief executive officer of $1 billion cryptocurrency hedge fund Pantera Capital Management LP.

In a interview with Bloomberg Television Thursday, Morehead said Pantera has about 10 percent of its investments in Bitcoins, which approached $20,000 apiece late last year before retreating to about half that in the following months. But the fund’s single largest bet is on Icon, which will let different blockchains — digital ledgers — talk to one another, he said.

Morehead is anticipating that Bitcoin will recover and reach new highs within 12 months. As digital tokens continue to multiply and gain wider use, the $400 billion crypto market could balloon to $4 trillion, he said, and even $40 trillion is “definitely possible.”

“It’s the 10-year forecast,” Morehead said. “It’s not going to happen overnight.” […]

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