Dan Morehead, CEO of blockchain investment fund Pantera Capital, sees tremendous upside in the cryptocurrency markets, which are down over 40% since the start of 2018. In an interview Thursday with Bloomberg Crypto, Morehead shared his belief that the current valuation of the crypto markets is 10-100x less than what the underlying blockchain technology should be valued.

“Obviously, we’re very bullish on the space. We think we’re way below, maybe an order of magnitude — or two — below the real fundamental fair value of blockchain. The industry as a whole is $400 billion. It easily could go to $4 trillion, and $40 trillion is definitely possible.”

The cryptocurrency hedge fund currently manages over $1 billion in assets, investing in over 50 cryptocurrency projects and blockchain ventures. Notable names include 0x (Zrx), Augur (REP), Civic (CVC), Gifto (GTO), Kin (KIK), and OmiseGo (OMG). While his portfolio is extremely diverse, Morehead shared in the interview that his largest investment is currently in ICON, which is building a decentralized network that allows independent blockchains with different governances to transact with one another without intermediaries. Additionally, around ten percent of Pantera’s holdings are in bitcoin.

Also notable is that Pantera has a stake in Earn.com, which was recently acquired by Coinbase for a rumored sum of $100 million. While it is unclear what percentage of Earn.com is owned by Pantera, the startup’s acquisition marks a major win for the fund’s cross-investment strategy.