By Tobi Loba
Pantera Capital, the investment venture that focused exclusively on digital currency and blockchain tech, recently released its viewpoint on Bitcoin (BTC) and other cryptocurrencies.
Pantera Capital states that Bitcoin (BTC) is poised for a price bull run, but Ethereum (ETH) and a number altcoins will outperform the leading cryptocurrency.
The CEO of the crypto-focused venture firm, Dan Morehead, recently expressed his viewpoint in a note to investors, stating that he expects the money printing spree to enhance the growth of Bitcoin (BTC), as the interest in assets with a fixed supply grows.
“That tsunami of money will have a large impact on many things. In our markets, it seems inevitable that it will push up the price of fixed-quantity things like bitcoin. If there are trillions more paper dollars, the law of supply and demand implies much more paper money to buy the same amount of cryptocurrency.”
Ethereum (ETH) and Certain Digital Assets to Outperform Bitcoin (BTC)
Going by the price analysis released by Pantera Capital, Bitcoin (BTC) is poised to hit $150,000 by August 2021.
According to Joey Krug, the co-chief investment officer at Pantera, a lot of cryptocurrencies such as 0x (ZRX) and Augur (REP) have outperformed the 34% price increase experienced by Bitcoin (BTC) year-to-date.
He also pointed at the 88% price upsurge experienced so far by Ethereum (ETH), believing that the trend will continue in the new bull cycle.
“During cryptocurrency bull markets, we expect assets outside of bitcoin (alt-coins or alts) to outperform… Historically, alts haven’t outperformed until mid to late in the bull cycle. For instance, from Jan 1, 2016 to Dec 31, 2016 bitcoin’s share of the market dropped from 91% to 87%. But by the end of 2017 it was down to 38%. It’s currently sitting at 65%. The implication here is that over time we expect the performance gap between alts and bitcoin to widen over the course of the next year, with alts outperforming.”