The current situation in the global economy will contribute to the growth of the value of the first cryptocurrency and will lead Bitcoin to the mark of 100 thousand dollars, said Dan Morehead, head of the largest global investment company Pantera Capital.
In his letter to investors, he, in particular, mentions a policy of heads of state based on cash injections to support the most affected sectors during the coronavirus. In addition, more and more paper money is required to buy things with a fixed amount, for example, stocks and real estate, and the actions of the authorities already have their result. “Like hydrostatic pressure, this stream of new money will lift everything in its path, inflating the value of other fixed-value assets such as gold, bitcoins and other digital assets,” said the head of Pantera Capital.
According to him, the main cryptocurrency has already demonstrated its growth opportunities, adding 209% in price over nine years with almost zero long-term correlation with stocks, bonds, oil and other asset classes. “We increased the share of the digital asset fund in our algorithmic strategy to 30% from the foundation, ”concluded Dan Morehead.
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