Pantera Capital CEO Dan Morehead said that while he sees the value of Bitcoin (BTC) rising, his share of the cryptocurrency market will decline over time as he expects more other digital assets surpass it.
During this month’s New York SALT conference, Morehead said he was bullish on Bitcoin over the long term, but noted that other crypto assets have better upside potential.
Of course, there was a time [BTC] was the only blockchain so it was 100% industry. And then, as more and more interesting use cases emerge, I think Bitcoin’s dominance, or share of the overall market, is in secular long-term decline as it increases 10x.
I think Bitcoin will go up a ton. It’s just other things that I think would increase more.
Morehead, who oversees a crypto hedge fund with $4.5 billion in assets under management, points out that a similar phenomenon has occurred in the technology sector.
“It’s a bit like the tech space. Twenty years ago, Microsoft was sort of the whole industry. And since then it’s gone up 10 times which is amazing you know great feedback but other things apple, google, facebook, whatever have gone up again, and so i think that’s my analogy with the blockchain space.
Morehead also explains why he’s extremely bullish on decentralized finance (DeFi) platforms.
“All DeFi is only worth $20 billion today. And traditional finance is worth $3 trillion. I wouldn’t bet all my savings on DeFi going to work or be awesome or whatever. But when you have that kind of leverage, it’s less than 1% of the value of traditional finance, I think it’s really, really asymmetric trading.
And one of the things that we’ve learned with the rest of the Internet is that you’re not just replicating pre-existing like email, you’re not just replicating snail mail. It created all kinds of communication channels that we didn’t have before. And so DeFi could 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 professions I’ve ever seen.
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