Back in 2013, Dan Morehead, the founder of Pantera Capital, compared buying Bitcoin
In a blog post on November 26, Morehead shared a story about a conversation with an investor who brushed off Bitcoin, calling it "It's just like buying gold". Morehead disagreed, saying it was more like buying gold in 1000 BC.
This belief guided Pantera Bitcoin Fund’s launch in July 2013, which bought its first Bitcoin for just $74. Since then, that initial investment delivered over 1,000 times the return and helped Pantera grow its overall value by an incredible 130,000%.
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Morehead explained that in those early days, less than 1% of the world’s wealth had any connection to Bitcoin. With 300 million people now owning Bitcoin worldwide, he described it as having reached “escape velocity”, meaning it has enough momentum to keep growing.
Speaking on CNBC's Squawk Box on November 27, Morehead noted that about 5% of the global financial system is now tied to Bitcoin. For instance, companies like BlackRock and Fidelity have already taken steps to make Bitcoin more accessible by launching spot Bitcoin exchange-traded funds (ETFs).
Morehead predicts Bitcoin could eventually become a $15 trillion asset, with its price climbing to around $740,000 by April 2028. That’s about 667% higher than today’s value.
That said, Bitcoin’s journey hasn’t been smooth. Morehead remembered a major crash in December 2013 when Bitcoin’s price dropped by 87% just six months after Pantera’s first purchase.
Despite the setback, he remained committed, traveling the world to meet with investors. Pantera used Bitcoin to pay for hotel stays through Expedia, one of the first companies to accept cryptocurrency. During a 59-day trip, they spent 88 Bitcoin on accommodations — a sum that would be worth over $8.6 million today.
Bitcoin's rise has created incredible success stories, but it has also seen some heartbreaking losses. One such tale involves an $8,000 Bitcoin wallet that ended up in the trash. How did this fortune slip through the cracks? Read the full story.
