Morehead is also the CEO of the company. Not surprisingly, the fund managers are still bullish on Bitcoin. To emphasize its point of view, Morehead and Joey included copies of two emails sent by the fund in 2013.
Morehead and Hoey said “the Fund’s lifetime return is 10,136.15%, net of fees and expenses.”
Morehead and Krug’s email begins by saying “We wanted to share the original logic – as it is equally compelling today.”
Five years before, in their email to prospective clients, Morehead had predicted that Bitcoin would reach a level of $5,000. Bitcoin was trading at about $104 at that time. Morehead had also given the reason behind the forecast as follows:
“Bitcoin dominates cash, electronic fiat money, gold, bearer bonds, large stone discs, etc. It can do all of the things that each of those can. It’s the first global currency since gold. It’s the first borderless payment system ever.”
In the next three months, Bitcoin rose to a level of $253. Morehead again publicized the principles underlying the cryptocurrency.
At that time, Morehead said
“In my opinion, it’s like deciding whether to buy Microsoft back in the day at $0.20 a share. It was hard to do when the stock was just at $0.10. In the fullness of time…clearly a great trade. I believe bitcoin right now is just like that. The world’s first global currency since gold and the world’s only borderless payments system (frictionless to boot) at a market cap of $3bn? Now that Silk Road is gone, a new wave of sophisticated investors are entering.”
Pantera, which later launched a full-fledged hedge fund to pick up stakes in blockchain startups, plans to travel across the US “over the next months to discuss Venture Fund III and the blockchain disruption.”
The San Francisco-based company further stated
“We have organized group lunches in many cities, should you want to meet other investors who share your interest in blockchain.”
The company has recently invested in startups such as Origin, a sharing economy, and Basis, a Stablecoin-based startup.