CEO of $4,500,000,000 Crypto Hedge Fund Says Bitcoin Will Go Up a Ton, But Other Projects Will Outperform
Pantera Capital CEO Dan Morehead says that while he sees Bitcoin’s (BTC) value increasing, its share of the cryptocurrency market will decline over time as he expects other digital assets to overtake it.
During this month’s SALT New York conference, Morehead says he is long-term bullish on Bitcoin, but notes that other cryptoassets have better upside potential.
βIt was clear that there was a time [BTC] was the only blockchain, so it was 100% of the industry. And as more and more interesting use cases come out, I think Bitcoin dominance, or its share of the total market, is in a long-term secular decline while increasing 10x.
I think Bitcoin is going to go up a ton. It’s just other things that I think will increase more.”
Morehead, who oversees a crypto hedge fund with $4.5 billion in assets under management, highlights that a similar phenomenon took place in the technology sector.
βIt’s much like in the technology area. Twenty years ago, Microsoft was like the whole industry. And since then it’s gone up 10 times, which is amazing, you know big returns, but other things Apple, Google, Facebook, whatever, have gone up even more, and so I think that’s my analogy for the blockchain space. Β»
Morehead also explains why he is extremely bullish on decentralized finance (DeFi) platforms.
“All of DeFi is only worth $20 billion today. And traditional finance is worth $3 trillion. I don’t want to bet my whole life savings that DeFi is going to work or be good or whatever. But when you have that kind of leverage , it’s less than 1% of the value of traditional finance, that I think is really, really asymmetric trading.
And one of the things we learned with the rest of the internet is that you don’t just replicate what existed, like email didn’t just replicate mail. It created all kinds of ways to communicate that we didn’t have before. And so DeFi can do things that we don’t even have in traditional finance yet. So it seems pretty clear to me that at these levels, blockchain is one of the most compelling trades I’ve ever seen.”
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Featured image: Shutterstock/Mia Stendal/o_m
