Pantera Capital Management is predicting that the price of Bitcoin could eclipse $700,000 in 2028, shortly after the asset sailed toward a six-figure valuation per token last week. 

Pantera Capital CEO Dan Morehead said Tuesday in a letter to investors that Bitcoin could hit $740,000 by April 2028, based on historical trends, due to the election of pro-crypto President-Elect Donald Trump and a majority digital asset-friendly U.S. Congress.

And with just 5% of financial wealth invested in blockchain-related assets, Morehead believes that Bitcoin's price has a lot of room to grow.

“Even after 11 years, Bitcoin is still squeezing up like a watermelon seed,” Morehead wrote. “Blockchain’s 15-year regulatory headwinds are now turning into tailwinds.”

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The executive's bullish prediction comes amid good news for the hedge fund: Pantera Capital's Bitcoin Fund, launched in July 2013, is reaping returns of more than 131,000% over the last 11 years, excluding expenses and fees.

Those massive returns are due to the value of the hedge fund’s Bitcoin increasing by more than 1,000-fold since it first bought the asset at $74 per token more than a decade ago.

The world's oldest digital currency is trading for about $96,300 as of writing time, CoinGecko data shows.

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Despite Bitcoin's astronomical growth, Morehead believes that it is “still early” for the leading cryptocurrency, and that there’s still plenty of room to run.

“I can imagine an investor thinking: ‘Bitcoin has doubled this year. Well, I guess I missed it,’” Morehead said in the letter. “That's the wrong mindset.”

Edited by Andrew Hayward

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