The crypto market may be turning on its head, but the officials at Pantera Capital have remained steadfast in their optimism. Speaking at a conference for digital asset funds, the CEO, Dan Morehead, had some thought-provoking views to give.
In his opinion, blockchain technology is the evolution of equity and cryptocurrency represents a superior currency, with bitcoin taking the mantle as the major market disruptor in this generation.
Morehead didn’t start supporting cryptos yesterday. Some time ago, he was quoted as saying that bitcoin could one day hit $40 trillion in market cap. Since December 2017, Pantera Capital’s Digital Asset Fund has dipped by 23.7% while bitcoin value has dropped by 20.9% – but that hasn’t shaken Morehead’s faith in cryptocurrencies and blockchain.
Time To Get In?
In fact, according to Morehead, the prevailing market situation is a viable opportunity to anyone looking to invest in cryptos, pointing out that bitcoin has gone through 7 bear markets and that it’s bound to shoot up in the coming months.
In his speech, Morehead didn’t forget to add to what Warren Buffet said about bitcoin earlier in the year. Warren said bitcoin is rat poison squared. Well, now Morehead sees the credit card companies and banks as the rats against which the poison is working. He called in a “serial killer” that’ll affect various use-cases.
About his strong support for cryptos and blockchain, Morehead said blockchains are the very final piece that the internet needed. According to him, you can’t invest in blockchain and lose everything. In fact, a lot of funds invested in bitcoin could yield 25-fold profits.
He called this period the “post-capitalist era,” an era in which common non-wealthy people are coming up with great ideas and revolutionary technologies. That’s unlike the previous setting where wealthy people invested in developments to make profits.
Along with his colleagues, Morehead reviewed Pantera’s investments, with the most recent being the prediction market, Augur, built on a P2P open source oracle platform based on Ethereum blockchain. They touched on the advantages of diversity in terms of investment portfolio. Currently, Pantera Capital has invested in 30 cryptos.
Their strategy is to get in early during token sales. Pantera also does specialty trading and is working on automating trade executions to cut operating costs.
Institutions Are Trooping In
The officials further talked about institutional custodians like banks and other corporate bodies and their increasing interest in blockchain and cryptocurrencies. One investment associate, Lauren Stephanian, said that ICE is forming Bakkt, a company that will create a system to merge blockchain and merchant infrastructures to come up with a blockchain-based payment system, an exchange, and custody solutions.