Dan Morehead, CEO of Pantera Capital, said recently that the current crisis could benefit Bitcoin.
During a podcast with Peter McCormack, he said that Bitcoin was created after the 2008 financial crisis and now, almost 12 years after its creation, a new financial crisis may lead people to choose to use this non-sovereign, global, immutable , digital and decentralized currency.
The recent collapse of markets, with forced business closings and unemployment rising to record levels, especially in the US, governments around the world have taken unprecedented actions with monetary policies based on enormous quantitative easing, which again highlights the benefits of Bitcoin.
“Bitcoin was born in a financial crisis. And now he will reach his greatest age ”.
In addition, Morehead called BTC a “serial killer” compared to traditional risky assets when the world “goes crazy”, suggesting that the crypto market may skyrocket in the coming months.
According to the co-founder of Pantera Capital, bitcoin is a new technology that dismantles old systems and ends up disrupting “dozens of different industries”, and in a few months investors will start to focus on new investment opportunities and focus on markets will move away from the panic created initially by the current crisis.
In fact, he points out that while bitcoin, on the one hand, is basically considered digital gold, on the other, blockchain technology allows you to keep records of virtually all assets, including non-financial ones. For this reason, he thinks this technology will eventually revolutionize many markets.
In particular, he said:
“The Internet has changed everything except finance. What bitcoin will do is bring the Internet into the financial world ”.
Finally, Morehead revealed that the fund he manages temporarily reduced risks once he realized the magnitude of the COVID-19 pandemic, but that he has already returned to the long-term limits of cryptocurrencies, anticipating significant future increases in value.