"I can see bitcoin doubling or tripling each in the next few years," said the founder and CEO of Pantera Capital on Yahoo Finance Live. Morehead told Yahoo Finance several months ago he believes the terminal value of bitcoin is $700,000 based on his extensive research.
Morehead launched his first crypto fund back in 2013. Today, the firm has $6 billion in assets under management that spans venture investments and early stage token investments. This month, he closed on his latest crypto fund that will invest in liquid tokens and venture capital.
Suffice it to say, bitcoin remains quite removed from Morehead's terminal value forecast in present day. But, this week went a long way to suggesting bitcoin prices could march higher as retail investors and institutions plow further into the space.
Bitcoin prices touched record highs this week amid enthusiasm over the launch of two new bitcoin futures ETFs: Proshares Bitcoin Strategy ETF and the Valkyrie Bitcoin Strategy ETF. The price of the benchmark crypto hit an all-time high of $66,909, but did cool down a bit on Friday to just over $61,000.
Bullish moves are being seen in other cryptos such as ethereum, which climbed over $4,300 (a record) at one point in the week.
Webull CEO Anthony Denier told Yahoo Finance Live crypto trading activity on the platform has been strong this week.
Adds Morehead, "I could see 10 years from now a billion people using bitcoin and the price in the hundreds of thousands for bitcoin."