Cryptocurrency market can grow to $4 trillion from $400 billion now and even reaching $40 trillion is also possible, the chief of a prominent hedge fund predicted.
In a decade, the crypto market could grow to $40 trillion, thanks to the fast growing number of cryptocurrencies and their wider adoption, Pantera Capital CEO Dan Morehead said in an interview on Bloomberg Television.
“Anything that’s a $400 billion asset will not be ignored for long,” Morehead said, noting that institutional interest in cryptocurrencies is likely to grow further in the next 18 months.
The prominent hedge fund has about 10 percent of its investments in Bitcoins, Morehead said, adding that the top cryptocurrency “is a screaming buy right now”. He expects Bitcoin to rise further and attain new highs in 12 months.
In the firm’s April newsletter, released earlier this month, Morehead said Bitcoin is set to soar in the months ahead and likely to top $20,000 within a year as institutional investors enter the market.
Meanwhile, Pantera’s single largest bet is on ICON, which is dubbed the blockchain of blockchains that will allow different blockchains to communicate with each other.
by Jyotsna V