Dan Morehead – head of the institutional asset manager Pantera Capital – thinks there might be many distressed financial sectors in the years to come, but the digital asset industry will not be among them.
Similar to his previous statements, the executive argued that a crypto bull market is on its way, while blockchain technology will be employed by billions of individuals in the years to come.
Bullish as Usual
In an interview for CNBC, Morehead opined that cryptocurrencies will become highly popular in the near future due to the advantages they could provide to the monetary network.
“The important thing to keep in mind is crypto is such a disruptive thing that’s going to change so many aspects of our lives in the next decade,” he said.
In addition, Pantera Capital’s CEO envisioned that billions of consumers will employ blockchain technology in the following years, which could boost the prices of digital assets:
“I can see a world a few years from now where risk assets might still be struggling, but blockchain will be back to all-time highs based on its own fundamentals.
Hundreds of millions of people use blockchain today, but I think in four-five years, it’s going to be literally billions of people, and if you have a billion people, they want to buy a fixed number of coins, so prices will probably go up.”
It is worth noting that some of Morehead’s previous forecasts have been quite accurate. In March 2020, he claimed that bitcoin’s valuation will set a new record in the following 12 months. Exactly one year after his statement, BTC peaked at over $60,000.
Still, at the end of the interview, Morehead argued that people pay too much attention to the primary digital asset when numerous other cryptocurrency protocols are just as important.
“We all are used to using bitcoin as a proxy for blockchain, there are hundreds of really interesting projects.”
The Rally is Coming Soon
Earlier this month, the American displayed a similar position, reminding that the market has survived declines before and will overcome the ongoing, too.
In his view, bitcoin’s price will continue soaring by approximately 2.5x per year, while some alternative coins might surpass its temps of development:
“Bitcoin is no longer everything. There was a time bitcoin was 100% of the market, and for a while, Bitcoin and Ethereum were essentially everything. Now there are many, many really important projects, and you’ve seen bitcoin rally a bit, but the real story is projects other than Bitcoin and Ethereum that rally more.”