Dan Morehead, chief executive officer (CEO) and co-chief investment officer of struggling cryptocurrency hedge fund Pantera Capital, recently claimed that even if bitcoin fails like Pets.com did during the dot-com bubble, the hedge fund would still see investors make money.
Morehead’s words came in a letter sent to investors. It noted that in case bitcoin flops like Pets.com – which filed for bankruptcy in 2000 – did, then they will still “probably do very well.” Using Pantera’s ICO Fund as an example, he pointed out that it would still be positive for them after the Fund, which is made up of 25 ICOs, went down to “single-digit number of blockchains,” and saw 90 percent of the ICOs go to zero.
Per the letter, Pantera´s ICO Fund lost about 25 percent of its value last year, but is still up more than 200 percent since it was created. The hedge fund’s Long-Term ICO Fund is up 5.9 percent, and its Digital Asset Fund is down 16.8 percent. Pantera’s Bitcoin Fund has fallen 26.9 percent this year, but since its inception is up 16,000 percent.