Dan Morehead, founder of Pantera Capital, and Micheal Sonnenshein of Grayscale Investments, commented on Bitcoin’s price predictions.
Bitcoin Price Predictions
In a new episode of the Money Movement podcast, Morehead says he and his firm are continuing the rise of the king of cryptocurrencies. He believes BTC was preparing for another bull run that would be described as “ridiculous” by traditional standards.
“Bitcoin has a nine-year compound annual growth rate of 209% and we think it will continue, it’s actually that simple. There are some bubble situations, some bearish trades, but if it returns to this trend, the leading cryptocurrency by the end of next year will be $ 100,000.
In normal markets, it is ridiculous and ridiculous to say that something goes up 10 times, but this happens every three or four years and all factors come together. So I think there will be a pretty good increase of $ 100,000 at the end of next year. ”
Don’t Let Those Who Can’t Afford to Lose to Bitcoin
Sonnenshein says people should not invest money in Bitcoin unless they can afford to lose. He cites a recent report comparing BTC’s current market structure with 2016 before the cryptocurrency began a historic rally of 4,400%.
“In my opinion, Bitcoin is not something that people should put in more money than they can afford to lose. Think of this as an early stage technology. Buyers beware, it has a 80% disadvantage. But Bitcoin will be much higher and much more valuable than it is today; or somehow an asset will emerge and replace Bitcoin and we will all move on to something else. “