The CEO of California-based venture capital firm Pantera Capital, Dan Morehead assumes that the price of Bitcoin may break $200.000 by 2022. He shared the analysis on social media.
Morehead's view is based on the growing number of BTC adoption. In the published paper, he presented statistics that show the coin's price goes up by $200 every time there are million new users. This is true except for February 2016.
For every million new users, the price of #bitcoin rises $200.
— Dan Morehead (@dan_pantera) April 22, 2021
It happened every time except for February 2016, when the price was slow to hit.
If this relationship holds, bitcoin will hit $200,000 in 2022.
More in our April Investor Letter: https://t.co/ZYTVPvSCDH pic.twitter.com/M3oIJk1BE3
According to Morehead, if the pattern repeats, there is a high likelihood BTC will reach $200.000 by 2022.
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Pantera Capital's experts say the main factor boosting BTC adoption is smartphones. About 3.5 billion persons all around the world have one and Bitcoin's usage requires only a smartphone.Referring to the coin's terminal value, the team mentioned it can cross $700.000..
DeFi and other projects built on Ethereum and Polkadot also were mentioned in the paper, which says the company is bullish on them.
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Recently Dan Morehead shared his prediction on Ether and DOT.