In a new CNBC interview, Pantera Capital CEO Dan Morehead pointed to an altcoin industry that he thinks will stand out with real use cases in the coming years.
Dan Morehead believes in the cryptocurrency revolution
Pantera Capital CEO stated in his latest CNBC interview that cryptocurrencies are a “disruptive” technology. He talked about Ethereum as a technology that will welcome billions of new users, regardless of the current drop. Morehead highlights the main features of the Web3 industry in some of his statements. This new ecosystem based on cryptocurrencies will reach billions of new users, according to Morehead:
I think the important thing to keep in mind here is that crypto apps are such a disruptive thing that they will change many aspects of our lives over the next few decades. In a secular bull market and at times these cyclical risk assets get swept up in drafts, but a few years from now, I can easily see a world where the risk assets themselves can still struggle but Blockchain is back to all-time highs.
"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," says @dan_pantera. "We all are used to using #bitcoin as a proxy for blockchain, there are hundreds of really interesting projects." pic.twitter.com/Bt6e1UFF6t
— Squawk Box (@SquawkCNBC) September 21, 2022
Morehead, who oversees nearly $4.5 billion in assets under management, says one sign of the altcoin market’s strength is the number of projects that are gaining momentum and continue to increase their share alongside Bitcoin and Ethereum. Morehead named 3 Ethereum-based altcoins as examples of these projects:
- Uniswap (UNI)
- Near Protocol (NEAR)
- 1inch Network (1INCH)
In Morehead’s words:
We are all used to using Bitcoin as a proxy for Blockchain. There are hundreds of really interesting projects and many of them add up and do pretty well. Great statistic, the percentage of our entire market that isn’t Bitcoin or Ethereum hit a record 43% yesterday and has averaged 20% over the last five years. While Bitcoin and Ethereum are a little off from their lows, there are many great projects that are well above their lows like Near Protocol, UniSwap, 1inch.
Altcoin market will declare independence, according to Dan Morehead
The crypto veteran then predicts that at some point soon, cryptocurrencies will break their correlation with the wider financial markets:
I think cryptos got caught up in the global macro selling of all asset classes and then a little too much leverage in the system during May and June. I think most of these have been taken care of. And in the next few months, crypto could start trading regardless of risk assets.
Pantera Capital, whose CEO is Dan Morehead, is an American hedge fund specializing in cryptocurrencies. Specifically, it is one of the largest crypto hedge funds in the world. The firm was founded in 2003 by Dan Morehead. The first major Ethereum project is co-led by Co-CIO Joey Krug, founder of Augur.
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