Pantera CEO compares 2013 Bitcoin investment to ancient gold

Dan Morehead, founder of Pantera Capital, compared buying Bitcoin (CRYPTO:BTC) in 2013 to acquiring gold in 1000 BC, emphasising its transformative potential at the time.

In a November 26 blog post, Morehead reflected on the fund’s first Bitcoin purchase at $74 in July 2013, which has since yielded returns exceeding 130,000%.

“I was discussing Bitcoin with an investor yesterday, and he replied somewhat dismissively, ‘It’s just like buying gold.’ No, it’s like buying gold in 1000 BC,” he stated, quoting his 2013 investment memo.

Pantera’s Bitcoin Fund, launched in 2013, has experienced remarkable growth.

Morehead highlighted the initial skepticism surrounding Bitcoin, noting that only 1% of financial wealth was exposed to the cryptocurrency at the time.

He believed Bitcoin would either fall to zero or rise exponentially—a scenario that has since been resolved.

Speaking on CNBC’s Squawk Box on November 27, Morehead noted that Bitcoin has achieved “escape velocity,” with over 300 million global users.

He estimated that 5% of financial wealth is now tied to Bitcoin, a figure he expects to grow with clearer regulations and increased institutional adoption.

Institutions like BlackRock and Fidelity launching Bitcoin exchange-traded funds have fueled what Morehead described as a “massive transformation.”

He projected Bitcoin could become a $15 trillion asset, potentially reaching $740,000 per coin by April 2028, representing a 667% rise from current levels.

Despite this success, Morehead recalled challenges, including Bitcoin’s 87% crash in December 2013, just six months after Pantera’s first purchase.

During that period, the fund held 170 global meetings to raise only $1 million.

An anecdote illustrated early adoption: Pantera used 88 Bitcoin—now valued at over $8.6 million—to pay for hotel stays via Expedia, showcasing Bitcoin’s evolving role in finance and commerce.

At the time of reporting, the Bitcoin (BTC) price was $95,669.17.