- Dan Morehead bought BTC at $65 a coin
- His investment is now valued at $1 billion
July 6 was 10 years since PanteraCapital’s CEO decided to aggressively invest in bitcoin. Dan Morehead then purchased 30,000 BTC for a total of $1,950,000. He also sent a letter to three men: Peter, Mike, and Adam. In it, he informed them of his decision.
“Subject: very timely: we should buy bitcoins now for $65
The predicted bitcoin washout happened very quickly. BTC is now trading at $65, exactly half of what it was when we first met on May 28. I think we should buy aggressively now.
Short thoughts:
- The market value of all bitcoins ever created (and probably 10-25% have been lost or destroyed) is now $740 million.
- On May 28, $156,000 BTC could be bought for $20 million. Now 308,000 BTC
- The price is very high. It will shrink “like a watermelon seed.”
I’m going to buy 30,000 bitcoins this weekend with my personal money. The Foundation can participate in this purchase or not, as one likes. I just want to get involved.”
In 2019, Pantera Capital’s CEO said bitcoin could hit $42,000 by the end of 2019 and even $356,000 by 2022. Then he said:
“Graph the price of bitcoin, its trending upward at a compound annual growth rate of 235%, leading to it reaching $42,000 in late 2019. And while that may sound unbelievable, we’re actually already halfway to that goal. If you keep extrapolating that line for another year, bitcoin could reach $122,000, and in another year it could reach $356,000.”