The crypto industry has seen a dizzying fall since the start of the year. However, several players refuse to panic, convinced that the market will rebound. Dan Morehead, the boss of Pantera Capital is one of them.
The rock-solid optimism of Dan Morehead
Over the next four to five years, cryptos will reach billions of people. This was predicted on Wednesday by Dan Morehead, CEO of Pantera Capital, an American hedge fund based in California. For him, the rise in the prices of digital assets will be the consequence of an accelerated development of the blockchain and its mass adoption.
“Hundreds of millions of people are using blockchain today.. I think that in four or five years, they will be literally billions”he explained.
Morehead says he’s not worried about the crypto winter, nor the many bearish forecasts for digital assets. Besides, he believes that the sector has pretty much been through the worst. He thus refers to the liquidity crisis that prevailed between June and July. This led to a series of bankruptcies among centralized crypto lenders like Celsius and Voyager Digital.
Dan Morehead also reaffirmed his confidence in the future of blockchain, emphasizing his belief that there are hundreds of projects cryptos that may grow in the future. This, as the market capitalization dominance of Bitcoin and Ethereum hit a low of 57% on Tuesday.
“I think crypto is in a secular bull market that has been caught in a downtrend with other risky assets over the past few months (…) I can easily see a world in a few years (…) where blockchain is back to all-time highs »he said.
For Pantera No. 1, deteriorating macro conditions, market exhaustion, soaring inflation and weak market sentiment among others are affecting the general public’s interest in cryptos in the short term and the market recovery. But once these issues are addressed, adoption will grow exponentially over the next few years. Thus, several billion people around the world will hold a crypto wallet, he said.
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