Crypto Fund Pantera Capital Reports 10,000% Lifetime Return | News ICORating
Summary
Cryptocurrency investment fund Pantera Capital reported a return of more than 10,000 percent over its 5 years of operation. Pantera Capital CEO Dan Morehead and Co-Chief Investment Officer Joey Krug published an open letter on July 27 in honor of Pantera’s 5 year anniversary, in which they claimed that “the Fund’s [Pantera Capital] lifetime return is 10,136.15% net of fees and expenses.” In the letter, Morehead and Krug included two emails sent out by the fund in 2013 outlining the “original logic” behind their cryptocurrency investments, whilst stating that it remains “equally compelling” today. “I think it’s north of 50% chance that the world adopts a global currency/payment system in which free cryptography replaces the very expensive “trust” charged by banks/VISA-MasterCard/Western Union/PayPal/etc.” “Bitcoin dominates cash, electronic fiat money, gold, bearer bonds, large stone discs, etc. The worlds first global currency since gold and the worlds only borderless payments system (frictionless to boot) at a market cap of $3bn?” In the letter, Morehead made some big predictions for Bitcoin in the year ahead. Although Pantera is still committed to its original investment strategy, they are expanding their focus to include investments in decentralized applications that address current blockchain problem areas, “particularly scalability and price volatility.” Pantera participated in a $45 million funding round for Oasis Labs, and committed multimillion dollar investments in Augur, Origin Protocol, and OpenToken.