Pantera Capital CEO Dan Morehead has announced that the company will launch its second blockchain fund by May 2023.
US cryptocurrency asset manager Pantera Capital expects to raise $1.25bn for its second blockchain fund.
Pantera Capital launched its first cryptocurrency fund in August 2020 and it has raised $165 million for it.
Morehead said his company believes in the future development of the cryptocurrency industry, which is why it is focusing on such investments:
“We want to provide liquidity for people who are kind of giving up because we’re still very optimistic about the next 10 or 20 years.”
Today, the global cryptocurrency market capitalisation has fallen below $1 trillion, with Bitcoin trading at around $19,000.
According to Morehead, the poor performance of most digital currencies is due to the fact that they are highly correlated with other risky assets. Nevertheless, he expects the trend to end soon and prices to rise:
“Unfortunately, cryptocurrency pricing has become correlated with risky assets, which frankly I don’t think is necessary. I hope that cryptocurrencies will soon decouple from the macro markets.”
Earlier this month, Pantera Capital’s CEO predicted that the ongoing crypto-winter would soon go south.
“We have gone through three big bear market cycles. I think we hit the lows in June and now we are moving into the next bull market. The path may be rocky and take some time, but I think we are at the next stage.”
