Venture capital firm Pantera Capital loses chief investment officer amid poor returns on Bitcoin and ether investments
US venture capital firm Pantera Capital has lost one of its investment directors, Joey Krug. That’s according to Bloomberg, citing a letter the firm sent to a limited number of partners.
What exactly caused the departure remains officially unclear. At the time of writing, Pantera Capital has decided not to comment publicly on the reports of Krug’s departure. The publication notes that this is the second top manager to leave Pantera Capital in recent months. Previously, Chief Operating Officer Samir Shah left the firm.
Krug left Pantera Capital amid rumors that the firm was unhappy with the results of investments in bitcoin (BTC) and ether (ETH). Earlier, the media revealed that the firm would be abandoning BTC and ETH in its Liquid Token Fund and focusing on altcoins. In 2022, the venture capital firm focused on ETH to avoid further declines in market prices. Now, however, Pantera Capital is looking to return to altcoins, which could pay off more than ETH in the coming cycles. Which altcoins are in question is unclear, but for the Liquid Token Fund, the firm is investing in 15-25 liquid tokens.
Although the U.S. venture capital firm has changed its stance on traditional cryptocurrencies, it still believes in bitcoin’s growth. For example, Pantera Capital’s analysts believe that bitcoin could rise to $148,636 after 2024 if the trend of bitcoin’s post-halving percentage gains continues.
Bitcoin’s next post-halving is scheduled for April 20, 2024. It is expected that the cryptocurrency will be able to recover to at least $35,000 by then. If bitcoin can grow to the stated values and the “post-halving growth” is 317% or more, then bitcoin will cross the $140,000 threshold, Pantera Capital believes.
