Pantera founder: Bitcoin has reached escape velocity

Author: Dan Morehead, founder of Pantera; Compiler: 0xjs@金财经

CNBC Squawk Box interviewed me on November 26, 2024 when Pantera Bitcoin Fund reached 1,000x earnings.

Joe: “Our next guest has witnessed the cryptocurrency rally firsthand. Welcome Dan Morehead, founder and managing partner of Pantera Capital. The firm released some news on the Bitcoin rally this morning. The Pantera Bitcoin Fund has been around since its inception It recently hit a 1,000-fold milestone.

“You were kind enough to send us the original memo that you wrote in 2013, where you were basically saying, ‘Okay, now is the time — Bitcoin has pulled back, it’s time to buy.’ It It went back from $130 to $65, and that's when the fund [launched]. You said, 'I personally want to buy 30,000 Bitcoins.' This was the launch of the first institutional investment vehicle in Bitcoin...

“Currently, this increase has reached 1,000 times and then increased by 30%.”

Dan: “It’s early days though. I think the median institutional ownership of blockchain is zero. Most institutions have zero investment in blockchain, even the ones that are really progressive and really committed to blockchain Institutions that have invested in the blockchain have only allocated 1% or 2% of their funds to the blockchain. I think we still have decades to go..."

“I wouldn’t bet my life savings that Bitcoin would go up, but for eleven years, the price of Bitcoin has almost doubled every year on average. What if it goes up another year?”

Joe: "You bet it won't go to zero?"

Dan: “ Conservatively, I used to tell people it would definitely go to zero. However, I don’t think that’s possible now. There are 50 million people in the U.S. holding it. There are 300 million people holding it globally. BlackRock and Fidelity is selling Bitcoin to retail investors. It has really reached escape velocity . ”

Joe: "But your forecast was $740,000...I heard from Michael Saylor the other day that it was $13 million."

Dan: “ Bitcoin market cap has grown by three orders of magnitude since we launched the Pantera Bitcoin Fund. I think it could grow another order of magnitude . That would mean a $15 trillion market cap versus $500 trillion. That's still relatively small compared to financial assets."

election results

News Flash, Cryptocurrency Holders Vote

Most Americans are under 40 years old.

They love blockchain.

Then they vote.

For months, I’ve been writing about how politicians ignore blockchain enthusiasts at their peril. This does happen.

Young people passionate about blockchain decided this election.

Since the last election, support among women under 30 has increased 14 points in support of President Trump. President Trump hasn’t done much to support women or support the Constitution since November 2020, so you have to conclude that this is driven by his strongly pro-blockchain policy changes.

Support among men under 30 increased by 29 percentage points! This is crazy.

They supported Donald Trump for president by 14 percentage points. I haven't heard the term "young Republicans" since the 1980s.

The picture is clear - young people changed the election. Most Americans are under 40 years old. They voted for cryptocurrencies.

The End of Anti-Cryptocurrency Lawmakers

As I’ve written in the past, I’ve never understood who in Congress would oppose cryptocurrencies. Who is an imaginary member of Congress who is anti- cryptocurrency? Who will support anti-cryptocurrency representatives in Congress? This makes no sense at all.

While new technology should not be partisan in the first place, if it is politicized it should be Democrats promoting Bitcoin. This is a progressive’s dream.

While the Republican sweep is widely known, less is known about the significant changes beneath the surface. As anti-crypto senators are successfully targeted and removed from office, this will revolutionize Congress. Like Senator Sherrod Brown being ousted from office by an unknown pro-Bitcoin car dealer - who was backed by a $40 million Bitcoin PAC.

Of the 58 general election candidates backed by crypto super PACs, the blockchain industry won 54 to 4.

The upcoming 119th Congress is:

House of Representatives: 274 pro-crypto, 122 anti-crypto

Senate: 20 pro-crypto, 12 anti-crypto

I think the anti-crypto rhetoric from members of Congress is over. Four years from now, when we do the count again, I will be surprised to find that any of those 122 anti-crypto members of Congress are still there. They will either “switch” and support blockchain or lose the next election.

This will allow talent in the blockchain industry to refocus all their efforts on creative advancement.