The popular crypto fund manager, Dan Morehead, Founder and CEO of Pantera Capital, has disclosed that Bitcons would would peak in August 2021 at $115 212.”
Morehead explained: “If history were to repeat itself, Bitcoin would peak in August 2021 at $115 212.”
According to the reports by Nairametrics, if this should happen, the implication is that Bitcoin would become the most financially valuable asset known to man; surpassing gold and diamond.
Marydave.ng gathered that Bitcoin plunged about 10%, according to data coming from Coinmarketcap, its highest one-day plunge since March 12. It has lost about 13% from Friday’s trading price at above $10,000 and traded at $8,705 earlier on Monday.
The bearish fall pushed Bitcoin’s market capitalization value down to $159.95 billion. At its highest point, Bitcoin’s market capitalization value was $241.2 billion. Bitcoin traded in a price range of between $8,850 and $9,570 in the last 24 hours at the time of writing this report.
In the last seven days, Bitcoin has seen its value climbing, as it rose more than 5%. The volume of coins traded in the last 24 hours to the time of writing stood at $49.7 billion according to Coinmarketcap.
Speaking about value of the currency, Morehead came up with an explanation when he said: “One of our principal arguments for bitcoin in a portfolio is that it has had a 209% 9-year compound annual growth rate with essentially zero long-term correlation to stocks, bonds, oil, and other asset classes.
“From a Portfolio Theory perspective: If you can find something that goes up in the biggest crisis in a century, you should have some of that in your portfolio.”
Earlier, Marydave.ng reported that the Islamic Finance Council UK (UKIFC),in partnership with Malaysia-based International Shari’ah Research Academy for Islamic Finance (ISRA) expressed readiness to provide funding for the Sustainable Development Goals (SDGs).
Richard de Belder, a UK IFC Advisory Board Member, made this known in a statement in Abuja, on Wednesday.
He announced the launch of a first report in a thought leadership series that aimed to assist and encourage active engagement in support of the UN SDGs by the global Islamic finance sector.