The billion-dollar cryptocurrency hedge fund CEO predicts that Bitcoin (BTC) will rise a lot. However, he says some altcoin projects will outperform.
“Some altcoin projects will rise more than Bitcoin”
Pantera Capital CEO Dan Morehead predicts that the value of Bitcoin (BTC) will increase. However, he expects other digital assets to outperform him. For this reason, he says that the share of BTC in the cryptocurrency market will decrease over time.
cryptocoin.comAs you follow, during this month’s SALT New York conference, Morehead noted the long-term bullish trend in Bitcoin. On the other hand, he stated that some altcoin projects have better uptrend potential. In this context, Morehead makes the following statement:
Frankly, BTC was once the only Blockchain. So it was 100% of the industry. And as more interesting use cases emerge, I think Bitcoin dominance, or share of the overall market, is on a long-term secular decline as it increases 10x. However, I predict that the Bitcoin price will go up quite a bit. There are other things that I just think will increase more.
“Bitcoin is sort of the Microsoft of 20 years ago”
Morehead manages a crypto hedge fund with $4.5 billion in assets. The CEO of the Hedge Fund underlines that a similar phenomenon is taking place in the technology sector. He expresses this view as follows:
As in the field of technology. Twenty years ago, Microsoft was kind of an entire industry. And it has increased 10 times since then. You know, that’s an incredible, great comeback. But other things just got bigger, like Apple, Google, Facebook, whatever. I think this is my analogy for the Blockchain space.
“It’s possible for DeFi to do things that traditional finance doesn’t even have”
Dan Morehead is extremely optimistic about decentralized finance (DeFi) altcoin projects. He explains the reason for this as follows:
All DeFi is worth just $20 billion today. And traditional finance is worth $3 trillion. I wouldn’t bet my whole life that DeFi would work or be great or whatever. But when you have that kind of leverage, less than 1% of the value of traditional finance. I think this is really, really asymmetric trading.
“One of the things we’ve learned with the rest of the internet is that you’re not just copying pre-existing like email, you’re not just copying snail mail,” Morehead says. Based on this, he makes the following assessment:
He created all kinds of communication ways that we didn’t have before. And so it’s possible for DeFi to do things we don’t even have in traditional finance yet. So, Blockchain at these levels is one of the most respectable transactions I’ve ever seen. To me this is pretty obvious.
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