Famous CEO: Bitcoin Reached the Bottom! These are next

Dan Morehead, CEO of crypto investment firm Pantera, said that bottoming has occurred for Bitcoin.
 Famous CEO: Bitcoin Reached the Bottom!  These are next
READING NOW Famous CEO: Bitcoin Reached the Bottom! These are next

Dan Morehead, CEO of crypto investment firm Pantera, said that bottoming has occurred for Bitcoin.

Time to invest in the industry

Morehead, in his blog post for the 2023 market outlook, stated that despite the devastation in 2022, cryptocurrencies and blockchain will flourish. While he shares the same views as Morehead at the investment company Pantera, of which he is the CEO, he thinks that now is a good time to start a business in this sector.

Morehead explained that Pantera had managed blockchain funds over the previous three crypto winters, with “so-called catastrophic events” in each of them.

For this reason, looking confident, Morehead, Mt. Citing Gox, “When the company collapsed, it had an 85% market share, which was significantly larger than FTX at the time.” he added.

According to the CEO, Bitcoin has already hit the bottom

Noting a weak macro market for risk assets and blockchain’s resilience in the face of historical disasters, Morehead said that Bitcoin has already bottomed out. In addition, the CEO stated that he believes blockchain assets will continue to increase in value by 2.3x per year in a short time.

Bitcoin, the largest cryptocurrency by market capitalization, has already reached the position of the best performing asset this year. According to Goldman Sachs’ customer note, Bitcoin; gold outperformed commodities and indices by far. As we stated as Kriptokoin.com, Bitcoin is instantly traded at about $ 22,750.

DeFi could drive the bull market

Pantera Capital says one sector of the digital asset space will be the life force of the next bull market cycle. In Pantera’s latest news release, chief investment officer Joey Krug says decentralized finance (DeFi) will underpin the next bull market.

Krug says that with many different crypto booms and crashes, 2022 is probably the biggest year of turmoil in crypto history. But the CIO, which helped manage the $6.9 billion fund, says DeFi has managed to stay completely intact through 2022, even as the top protocols see lower prices. Krug said in a statement:

“The interesting thing here, on the other hand, is that decentralized finance protocols that lend to largely unknown counterparties haven’t exploded. The rationale behind the success of DeFi protocols has several levels. The surface level is that these protocols (e.g. Compound, Aave and Maker) force people to provide assurances and implement aggressive risk controls.”

Krug says the code that manages DeFi protocols has proven to be superior to people who persuade their users to trust them on the basis of arbitrary reasoning.

The hedge fund manager says that for DeFi to stand out, it essentially needs to address three main issues. These include user experience in crypto wallets, paying transaction fees in Ethereum (ETH), and cumbersome fiat launchers. Krug says that if progress is seen on these three issues, DeFi can sustain the next crypto bull cycle.

Comments
Leave a Comment

Details
177 read
okunma36105
0 comments