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Peter Davis

An writer at FOMOdrive

  • Nov 03, 2023
  • 2 min read

Bitcoin 'will more than double every year' - Pantera Capital

After reaching its highest level in over a year and a half, Bitcoin is now correcting.

Fidelity Investments referred to Bitcoin as "exponential gold".

Digital asset managers have shown interest in Ethereum, according to CoinShares.

The amount of Bitcoin held by MicroStrategy has now risen to 158,400 BTC.

On Thursday, the cryptocurrency fear and greed index hit 72, its highest level in two years. This is similar to the levels seen in November 2021, when Bitcoin was close to its all-time high of $69,000. The BTC dominance index is currently at around 51%, which is comparable to the values ​​from April 2021.

Glassnode has observed that the correction in Bitcoin and Ethereum was not as severe as the one during the prior uptrend, suggesting that investors are still backing the cryptocurrencies and bringing in capital.

Michael van de Poppe, the founder of MN Trading, is confident that the US Federal Reserve has finished its cycle of policy tightening, which could be beneficial for high-risk assets, such as Bitcoin, the first cryptocurrency.

Dan Morehead, CEO of Pantera Capital, stated that Bitcoin has a 14-year growth trend with an average of 145% per year. He predicted that the asset will continue to increase at this rate and more than double each year.

Fidelity Investments has referred to Bitcoin as "exponential gold" and a "commodity currency" that seeks to serve as a store of value and safeguard against the devaluation of money.

In October, MicroStrategy added 155 BTC to its Bitcoin reserves, bringing the total to 158,400 BTC. During the third quarter, the company purchased a total of 6,067 BTC at an average price of $27,531. This means that MicroStrategy now holds approximately 0.75% of the total Bitcoin supply.

44% of digital asset managers surveyed by CoinShares expressed interest in Ethereum, the second largest cryptocurrency by capitalization. Bitcoin was the next most popular choice, with 39% of respondents voting for it, while 7% chose Solana.

The survey results seem to be at odds with the data that the company had released regarding the influx of funds into crypto funds. K33 Research also mentioned that they no longer have a "bearish outlook" on Ethereum. Peter Brandt, the head of Factor LLC, is also optimistic about Ethereum's potential.

The US Congress has raised concerns over the launch of PayPal's stablecoin PYUSD in August, prompting the US Securities and Exchange Commission (SEC) to launch an investigation. This is due to the absence of a regulatory framework for such assets.

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