Crypto Bubble: The State of Bitcoin Today According to Pantera Capital

Bittime - Bitcoin, the world's most famous cryptocurrency, is attracting attention again with a significant price surge. Some parties are worried that Bitcoin's soaring price could be an indication that this cryptocurrency is in a bubble. 

However, according to Dan Morehead, founder of Pantera Capital, Bitcoin is still far from a bubble even though prices continue to rise.

Pantera Capital: Pioneer Investor in Bitcoin

Pantera Capital was one of the first professional investors to dive into Bitcoin, and since its launch in 2013, they have recorded incredible results. 

At that time, Bitcoin was trading at around $74, and now the price of Bitcoin has jumped to around $92,000, even approaching $100,000 at the end of last week. This year alone, Bitcoin recorded an increase of around 120%, showing the great potential it has.

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Optimism About Bitcoin's Future

Dan Morehead in his interview with Bloomberg on November 26 2024 emphasized that although many people are still skeptical of Bitcoin, this has actually made him more optimistic. 

"A lot of people still think negatively about Bitcoin, and that's why I'm very bullish. Bitcoin is far from a bubble," said Morehead. He also predicts Bitcoin prices could reach $740,000 in the future, driven by factors such as increasingly supportive regulations and wider adoption.

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Supportive US Government Policies

One important factor that is believed to drive Bitcoin's growth is the US government's increasingly friendly policies towards cryptocurrencies. 

Morehead considers that the approach of US President-elect, Donald Trump, who supports the use of Bitcoin as reserves at the US Central Bank is a rational step. 

According to him, Bitcoin can be a better alternative than gold as a store of wealth in national reserves.

Challenges and Skepticism towards Bitcoin

However, despite this optimism, many still doubt whether Bitcoin can truly be maintained as a stable exchange rate. Many consider it to be speculation, with prices assessed as not reflecting its fundamental value. 

One of the main concerns is the low adoption of Bitcoin in daily transactions. Despite this, many observers also acknowledge that the booming DeFi (Decentralized Finance) sector shows the real potential of Bitcoin's underlying blockchain technology. 

Ethereum, for example, has changed the way people view crypto by offering more than just a currency, but also an infrastructure for decentralized financial applications.

Pantera Capital and the Future of Blockchain Investments

In addition, Pantera Capital is also developing Pantera Fund V which focuses on investing in the blockchain sector, including private tokens and other special investment opportunities. 

Morehead said that they could get a better deal now because many big investors are pulling out of the crypto industry after the market boom in 2022.

Conclusion

Dan Morehead and Pantera Capital's views on Bitcoin provide optimism that this cryptocurrency still has great potential in the future. 

Although some consider Bitcoin to be a runaway bubble, increasingly strong regulatory support, as well as developments in blockchain and DeFi technology show that crypto can be more than just speculation. 

Therefore, although challenges still exist, Bitcoin and other cryptocurrencies have a great opportunity to develop even further in the future.

FAQs About Bitcoin

What are Bitcoins?

BTC or Bitcoin is the first cryptocurrency launched in 2009 by Satoshi Nakamoto, a digital asset pioneer.

How many Rupiah is 1 Bitcoin?

The conversion price of 1 Bitcoin (BTC) to IDR is IDR 1,499,867,976 today.

How to Buy Crypto di Bittime

Want to trade sell buy Bitcoins and crypto investment easily? Bittime is here to help! As an Indonesian crypto exchange officially registered with Bappebti, Bittime ensures every transaction is safe and fast.

Start with registration and identity verification, then make a minimum deposit of IDR 10,000. After that, you can immediately buy your favorite digital assets!

Check the exchange rate BTC to IDR, ETH to IDR, SOL to IDR and other crypto assets to find out today's crypto market trends in real-time on Bittime.

Additionally, visit Bittime Blog to get various interesting updates and educational information about the world of crypto. Find trusted articles about Web3, blockchain technology, and digital asset investment tips designed to enrich your knowledge in the world of crypto.

Reference:

Shen, Muyao, Media Yahoo! Finance. accessed November 28, 2024.

Vance, Marigold, Media Bitscreener. accessed November 28, 2024

Coin Market Cap, Media Coin Market Cap. accessed November 28, 2024.

Author: MF