Cryptocurrency hedge fund Pantera Capital predicts that Bitcoin could reach a value of $200,000 within the next 18-24 months. In its investor letter, the fund points to the growth potential of Bitcoin-based decentralized finance (DeFi), estimating its potential value at half a trillion dollars. If DeFi on Bitcoin reaches a size comparable to DeFi on Ethereum, the total value of DeFi applications could reach $225 billion, which is 25% of Bitcoin's capitalization.