Dan Morehead, CEO of Pantera Capital, sees Bitcoin (BTC) rising in value, but expects other digital assets to outpace it, so virtual It states that its share in the currency market will decline over time.
At the SALT New York conference earlier this month, Morehead said he was long-term bullish on bitcoin, but said other crypto assets had more upside potential.
“Obviously there was a time like that. [BTC] Because it was the only blockchain, it was 100% of the industry. And as more and more interesting use cases emerge, I think Bitcoin’s dominance, or its share of the overall market, is in a long-term decline while rising tenfold.
I think bitcoin will go up a ton. The only other thing I think could go higher.
Morehead, who oversees a $4.5 billion cryptocurrency hedge fund under management, emphasized a similar phenomenon in the tech sector.
It’s like the tech sector. Twenty years ago Microsoft was kind of an entire industry. ‘s Apple, Google, Facebook, etc. are even higher, and I think that’s an analogy for the blockchain space.”
Morehead also explains why he is so bullish on decentralized finance (DeFi) platforms.
All of DeFi is worth $20 billion right now. Traditional finance is worth $3 trillion. , if you have that kind of leverage, it’s less than 1% of the value of conventional finance, and I think it’s really, really asymmetrical trade.
One thing we’ve learned from the rest of the Internet is that email didn’t just duplicate snail mail, it just duplicated existing ones. All sorts of ways to communicate that weren’t there before were born. As such, DeFi has the potential to do things that traditional finance has not yet done. So, at these levels, it’s clear that blockchain is one of the most compelling deals I’ve ever seen.
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