Pantera Capital predicts Bitcoin could reach $740,000 by 2028, driven by regulatory shifts, institutional adoption, and its historical growth trends. The cryptocurrency, which surged approximately 120% this year, recently traded around $93,000 after nearing $100,000. CEO Dan Morehead highlighted Bitcoin’s resilience and growth potential, emphasizing that despite skepticism, it remains far from its peak value.

Launched in 2013, Pantera’s Bitcoin Fund has achieved over 131,000% returns, despite initial doubts about the asset’s viability. At the time, Bitcoin was priced at $74. Reflecting on early challenges, Morehead remarked, “People totally thought we were crazy in 2013,” but noted that ongoing negativity around Bitcoin signals continued potential. “So many people are still negative. It’s far from being a bubble,” he said in an interview.

Morehead attributed Bitcoin’s projected rise to several factors, including increasing accessibility for investors and a growing shift in regulatory support. He noted that only 5% of global financial wealth is tied to blockchain assets, indicating significant room for expansion. According to Pantera’s projections, Bitcoin’s average annual growth rate of 88% could drive its market capitalization to $15 trillion by 2028.

Political developments are also playing a role. President-elect Donald Trump’s administration, along with a crypto-friendly Congress, is expected to foster a favorable environment for digital assets. Trump has proposed a U.S. Bitcoin reserve, an idea Morehead called “rational,” contrasting it with the traditional reliance on gold. “If they put some of that money in Bitcoin, that is a fantastic way to have a reserve currency holding,” he commented.

Pantera Capital is also exploring broader blockchain investments. Its Pantera Fund V, launched with a $1 billion target, focuses on private tokens and opportunities like locked Solana tokens from the FTX estate. The timing of the fund’s launch, just before significant downturns in 2022, allowed Pantera to capitalize on better pricing and reduced competition as many firms exited the space.

Institutional players like BlackRock and Fidelity have bolstered trust in the market, making Bitcoin more accessible to mainstream investors. Improved tools and regulations have encouraged institutional participation, supporting Bitcoin’s long-term potential. Analysts at VanEck predict Bitcoin could hit $180,000 by early 2025, with some expecting it to reach $100,000 by the end of 2024.

As blockchain adoption accelerates and regulations stabilize, Pantera Capital sees a bullish future for Bitcoin. With its strong historical growth and increasing support from major financial institutions, the cryptocurrency appears poised for significant gains in the years ahead.