Pantera Capital CEO: A New Three-Year Bitcoin Bull Cycle Has Begun

Dan Morehead, founder and CEO of Pantera Capital, said in an interview with Bloomberg Crypto, carried by Arzdigital on Thursday, September 3, 2026 (12 Shahrivar 1405), that he believes bitcoin has entered a new three year bull cycle. Morehead said recent changes to US Treasury policy toward larger debt buybacks, combined with rising liquidity and weakening fiat currencies, could support a continued rally in scarce assets like bitcoin. Pointing to bitcoin's historical four year cycles, he said he still follows that pattern and believes the next upswing has begun.

Morehead also cautioned that these policies do not resolve the core problem in the US economy, namely rising government debt. His comments reflect the analytical view of a well known crypto investor and should be read as such, not as a firm price forecast.