Investment firm Pantera Capital has published an open letter that outlines a bullish sentiment and optimism for Bitcoin in the foreseeable future. In a lengthy Medium Post signed by CEO Dan Morehead and CIO Joey Krugg, the pair had plenty of positive notes regarding Bitcoin over the coming weeks and months.
First, the letter pointed out that IBM recently kicked off an advertisement campaign giving credibility to blockchain technology with all its benefits and important features.
“While watching an ad about the many cool things that this unnamed company or product could do. I was like ‘Yeah. Who cares? Blockchains can do all that.’ The credits rolled — it was an IBM ad for blockchain. That’s a huge milestone. Legit company spending serious money to credentialize blockchain. Can’t put the genie back in the bottle,” wrote Morehead and Krugg.
Then the letter suggested that Bitcoin had shown remarkable resiliency in the wake of US Securities and Exchange Commission (SEC) events that put regulatory pressure on the network. Pantera asserted that because the market did not waver even after several unsavory SEC reports about scam projects, this indicated a true bottom has been reached.
“One key thing to point out is recently there was some news about the SEC going after a couple scam projects and the fact that the market didn’t react negatively suggests we’ve reached a local, if not global bottom… Provided that nothing drastically changes over the course of the next few months on the regulation side, I think that we’ve seen the brunt of the market’s negative reaction to it,” the letter explained.
All of these notes support the Pantera team’s optimistic conclusion regarding Bitcoin. They boldly stated that the low of USD 6,500 would be the lowest point for the immediate timeframe and projected a USD 20,000 value for this time next year.
“The vast majority of the next 365 days will be above that price. It’s highly likely to have exceeded $20,000 within a year,” they said.
Pantera Capital is an investment firm focused exclusively on blockchain technology, emerging ventures and investments within the realm of cryptocurrency. It manages over USD 800,000 in assets.