Pantera Capital CEO gives an unusual Bitcoin forecast

  • The CEO of a San Francisco-based crypto hedge fund, Dan Morehead, gave positive predictions about Bitcoin.
  • He said that he expects BTC to surge and maybe reach a new ATH during the next 12 months.
  • The state of the global economy is the worst in history, he said, believing that institutions will turn to BTC in several months.

Following the coronavirus’ rapid spreading around the world, the entire global economy saw a major meltdown. The stock price went down, and even the cryptocurrency sector soon followed. Now, many are predicting that Bitcoin price is likely to reach lows that it did not see in years.

Pantera Capital’s CEO, however, has a
different view.

Dan Morehead commented on the state of the global economy

Dan Morehead, the founder and CEO of Pantera Capital,
recently commented on the state of the crypto industry. In his letter to
investors, he stated that the current state of the global economy is extremely
bad. Even worse, he believes that it is about to enter the worst period it had
ever experienced.

“I now believe that the recession is likely to
be larger than any post-War recession,” he said, adding “I have spent 35
years trading global macro disruptions. This is like no other. This will
certainly end the longest global expansion on record.”

However, while his prediction for the state of the global economy is rather grim, he also made some positive remarks. In this time of crisis, he believes that the world will turn to Bitcoin. He admits that BTC has correlated with the share market, which caused the recent price drop. However, he also expects a major recovery in a month or two.

“We now believe that the short-term high
correlation with general markets is over and that crypto will trade
independently.”

Bitcoin will rise over the next
12 months, Morehead says

Morehead continued by saying that BTC price
might even set a new record over the course of the next twelve months. He
compared the coin to bonds, which often gain value…

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