California-based Pantera Capital is one of the first venture capital firms to focus solely on digital assets. Launched in 2013, the company invests in companies worth between $500 million and $1 billion. The company’s CEO Dan Morehead is talking about the correlation between the adoption of Bitcoin (BTC) and the price of the flagship cryptocurrency. This was reported by YouTube on the 16th (local time).
[Pantera Capital’s adoption and evaluation of BTC]
Morehead showed a correlation between the number of people using Bitcoin (BTC) and its market price. In his estimate, the relationship has been consistent since Bitcoin was introduced.
For every 1 million new buyers of Bitcoin (BTC), the valuation of the first cryptocurrency increases by $200. The rule worked for 10 years, excluding the bearish correction period prior to the 2017 bull market.
Bitcoin (BTC) is the only asset that has shown an amazing compound annual growth rate (CAGR) of 213% for more than 10 consecutive years.
Morehead wouldn’t be surprised if Bitcoin (BTC) hits six digits (in dollars) in 2022.
“It would be just a normal trend growth.”
Beyond Bitcoin (BTC) and Ethereum (ETH), the market is approaching an unparalleled altcoin season.
(California-based Pantera Capital is one of the first venture capital giants focused solely on digital assets.Launched in 2013, it invests in firms valued between $500 million and $1 billion.Its CEO, Dan Morehead, shares his views on the correlation between Bitcoin (BTC) adoption and the price of the flagship crypto.)
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Author/ Translator: Jamie Kim
Bio: Jamie Kim is a technology journalist. Raised in Hong Kong and always vocal at heart. She aims to share her expertise with the readers at blockreview.net. Kim is a Bitcoin maximalist who believes with unwavering conviction that Bitcoin is the only cryptocurrency – in fact, currency – worth caring about.