Institutional adoption is gaining momentum following the introduction of the spot Bitcoin ETF in January, and Pantera anticipates a convergence of positive factors, including the upcoming halving in late April 2024. The hedge fund believes that this propel the next bull market.
Pantera further identified the current phase as the onset of the fourth major cycle, predicting a potentially strong uptrend in crypto spanning 18 to 24 months.
Half-Trillion Dollar Untapped Opportunity
In its latest investor note, Pantera stated that it is a significant opportunity for Bitcoin, estimating its potential value at half a trillion dollars.
The hedge fund projected that if decentralized finance (DeFi) on Bitcoin reaches proportions similar to Ethereum’s, the total value of DeFi applications could reach $225 billion, constituting 25% of Bitcoin’s market cap. This estimate ranges from $72 billion to $450 billion, assuming no change in Bitcoin’s current market cap.
Furthermore, Pantera suggested
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