Dan Morehead, after being convinced Bitcoin could reshape the economy, transformed Pantera Capital into a leading Bitcoin fund. Initially, with backing from Princeton alumni, the fund saw Bitcoin's price rise significantly. However, a major hack at Mt Gox caused Bitcoin's value to plummet 85%, leading to skepticism about its future. Morehead aggressively promoted Bitcoin in 2016, struggling to raise funds with just $1 million secured for his fund. Today, Pantera Capital manages over $4 billion, marking an incredible growth in cryptocurrency investment.
In 2016, Dan Morehead took 170 meetings in a bid to raise funds for Bitcoin investments but only managed to secure $1 million for his fund.
Despite initial struggles, Pantera Capital grew to manage over $4 billion in assets, showcasing the significant rise of Bitcoin and cryptocurrency investments.
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