Pantera Capital CEO sees signs of the end of the crypto winter

Dan Morehead also noted that the price of bitcoin will continue to rise about 2,5 times each year

09.09.2022 - 14:00

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What’s new? Dan Morehead, head of the cryptocurrency hedge fund Pantera Capital, gave an interview to Bloomberg in which he shared his opinion on the current state of the digital asset market. He said that crypto winter will soon be over, and bitcoin price will start to grow. Morehead stressed that similar ups and downs, including a downturn in 2018 and a market boom in the next few years, are commonplace and have occurred repeatedly over the past decade.

Information on Bloomberg's website

What else does Morehead say? As for the bitcoin price in the future, the head of Pantera Capital predicted that it will continue to rise about 2,5 times each year. He added:

“We’ve been through three big bear market cycles. I actually think we hit the lows in June, and we are on to the next bull market. It might be rocky and might take a while, but I think we are on to the next leg of a rally.”

According to Morehead, the dominance of bitcoin and Ethereum is starting to weaken and investors should instead focus on other crypto projects that are “really important.” He believes that many “more worthwhile initiatives” than bitcoin could emerge in the near future in a much shorter time frame.

What is known about Pantera Capital? The American fund was founded by Dan Morehead in 2003. In 2013, he launched the first bitcoin-focused investment fund in the US As of January 2022, Pantera Capital had $5,6 billion in assets under management.

Morehead previously cited the benefits of the Ethereum network moving from the Proof-of-Work (PoW) consensus algorithm to Proof-of-Stake (PoS). He noted that the upgrade would reduce the power consumption of the blockchain by 99,95%, which would increase its sustainability as well as have a positive impact on “an environmental, social, and governance (ESG) perspective.”

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