American investment firm Pantera Capital’s portfolio manager has said “smart money” is helping push bitcoin’s price higher.
Cosmo Jiang, portfolio manager at the firm, said in a Friday CNBC interview that the next resistance for the coin’s price could be around $80,000 and that while small pullback was possible, “smart money” was now flooding into the space.
Bitcoin surged this week on positive regulatory news coming out of the U.S. and news that the Treasury Department would at least double the size of its long-dated bond buybacks.
“From everything we see, positioning is starting to reverse,” Jiang said.
“People are going from very much on the sidelines and even net short positioning to now realizing they want to be long, for what could be a very big technology.”
Bitcoin was recently priced at $77,412 after surging more than 23% over the past week. The biggest cryptocurrency touched as high as $79,319 earlier on Friday.
While spending most of June and July below $65,000, bitcoin has benefited from news that came out of the White House this week.
President Donald Trump held a meeting with crypto executives earlier in the week, and urged lawmakers to get the long-awaited Clarity Act over the line.
The crypto legislation, which aims to make it clear which digital assets the SEC and CFTC will watchdog, has been called for by industry bigwigs for years. A vote will now go ahead on the proposed law in September.
Bitcoin surged on Trump’s comments. On the same day, U.S. Treasury Secretary Scott Bessent said the department would at least double the size of its long-dated bond buybacks.
Non-yielding assets including bitcoin and gold jumped on the news.
Jiang added that a slew of positive fundamentals in the crypto space — including stablecoin adoption, prediction markets, perpetual futures, and “the crossover of AI” — would help push bitcoin’s price higher.
“It’s really hard not to be bullish,” he said.