A well-known American investor predicts a multiple growth of the cryptocurrency market. His opinion is shared by most institutional investors, who expect bitcoin to return to $20,000.

Dan Morehead, chief executive officer of $ 1 billion cryptocurrency hedge fund Pantera Capital Management LP, forecasts that the cryptocurrency market will grow to $4 trillion. Morehead admits that market growth is possible up to $40 trillion.

"It's the 10-year forecast," Morehead said. "It's not going to happen overnight."

According to Morehead, in the next 12 months the price of bitcoin will recover and reach new highs.

Morehead said that Pantera Capital, which manages assets worth $1 billion, holds about 10% of its investment in bitcoins.

Bitcoin "is a screaming buy right now," Morehead recommends.

He noted that institutional investors are increasingly showing interest in cryptocurrencies. And although now their share in the cryptocurrency market accounts for only about 10%, the situation may change in 18 months.

"Anything that's a $ 400 billion asset will not be ignored for long," he said.

His words are confirmed by research data of the analytical company Fundstrat Global Advisors. According to the company's poll, 82% of institutional investors believe that the bitcoin rate has already reached the minimum level. 53% believe that by the end of the year the cryptocurrency will cost from $10,000 to $20,000. 41% believe that the rate will jump to $20,000-$30,000. And 6% admit that the price of bitcoin will overtop $30,000 by the end of 2018.