Pantera Capital CEO Dan Morehead thinks Bitcoin’s (BTC) uninspired price action over the previous two years has just been a temporary deviation away from the top crypto asset’s larger growth trend.
Morehead says in a new interview with CNBC that he expects BTC to resume its explosive price gains soon.
“Bitcoin has a 14-year trend growth of 145% a year. That’s kind of my general forecast. It’ll just restart that and every year it’ll more than double.”
Morehead says his view is that the blockchain sector is in the midst of a “20-year secular bull market.” He predicts that Bitcoin’s upward arc will eventually level out when everyone owns it.
In terms of other asset classes, the CEO thinks equities are currently overvalued, real estate is coming off all-time highs, and allocating money to bonds is “pretty dangerous.” He predicts equities will go down “for the next few years.”
“That does leave a couple of asset classes, like real commodities and blockchain. Blockchain is a trillion-dollar asset class. Most institutions have essentially zero exposure right now. They should dial it up to a couple percent.”
Bitcoin is trading at $27,434 at time of writing. The top-ranked crypto asset by market cap is down nearly 1.5% in the past 24 hours.
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