Author: Dan Morehead, Founder of Pantera; Compilation: 0xjs@Golden Finance
When the Pantera Bitcoin Fund achieved a 1000-fold return, I was interviewed on CNBC Squawk Box on November 26, 2024.
Joe: "Our next guest has witnessed the rise of cryptocurrency firsthand. Welcome Dan Morehead, founder and managing partner of Pantera Capital. The company released some news about the Bitcoin surge this morning. The Pantera Bitcoin Fund recently achieved a milestone of 1000 times increase since its inception."
"You kindly sent us your original memo from 2013, when you basically said, 'Well, now is the time—Bitcoin has corrected, it’s time to buy.' It corrected from $130 to $65, and the fund was launched at that time. You said, 'I personally want to buy 30,000 Bitcoins.' This was the launch of the first institutional investment tool for Bitcoin..."
"Currently, this increase has reached 1000 times and then increased by 30%."
Dan: "However, it is still too early. I think the median institutional holding in blockchain is zero. Most institutions have zero investment in blockchain, even those that are truly progressive and committed to blockchain have only allocated 1% or 2% of their funds to blockchain. I think we have decades to go..."
"I wouldn’t bet my life savings that Bitcoin will go up, but for eleven years, Bitcoin's price has almost doubled every year. What if it rises again this year?"
Joe: "Are you betting it won’t go to zero?"
Dan: "Conservatively, I used to tell people it would definitely drop 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 are selling Bitcoin to retail investors. It has really reached escape velocity."
Joe: "But your prediction is $740,000... A few days ago I heard from Michael Saylor that it’s $13 million."
Dan: "Since we launched the Pantera Bitcoin Fund, Bitcoin's market cap has grown three orders of magnitude. I think it could grow another order of magnitude. This means Bitcoin's market cap would reach $15 trillion, which is still relatively small compared to the $500 trillion financial assets. It is feasible."
Election results
Breaking news, cryptocurrency holders voted
Most Americans are under 40.
They love blockchain.
Then they voted.
For months, I have been writing articles about how politicians have put themselves in danger by ignoring blockchain enthusiasts. This has indeed happened.
Young people enthusiastic about blockchain decided this election.
Since the last election, the approval rate among women under 30 has risen by 14 percentage points, supporting President Trump. Since November 2020, President Trump hasn’t done much to support women or uphold the Constitution, so you have to conclude that this is driven by his strong support for changes in blockchain policy.
The approval rate among men under 30 has risen 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.
This graph is clear—young people changed the election. Most Americans are under 40. They voted to support cryptocurrency.
The end of anti-cryptocurrency legislators
As I have written before, I never understood who in Congress would oppose cryptocurrency. Who are the imaginary Congress members against cryptocurrency? Who would support representatives opposing cryptocurrency in Congress? It simply doesn’t make sense.
While new technologies should ideally not be partisan, if they are politicized, it should be Democrats promoting Bitcoin. This is the dream of progressives.
While the Republican landslide is well-known, few understand the significant changes beneath the surface. The successful lockout and removal of anti-cryptocurrency senators will change Congress dramatically. Just like Senator Sherrod Brown was ousted by an unknown pro-Bitcoin car dealer—who received $40 million in Bitcoin PAC funding.
Among the 58 election candidates supported by the crypto super PAC, the blockchain industry won 54 to 4.
The upcoming 119th Congress is:
House: 274 in favor of cryptocurrency, 122 against cryptocurrency
Senate: 20 in favor of cryptocurrency, 12 against cryptocurrency
I believe the comments from Congress members opposing cryptocurrency are over. Four years from now, when we re-evaluate, I would be surprised to find that any of the 122 members opposing cryptocurrency are still around. They will either 'change their stance' to support blockchain or lose in the next election.
This will refocus the talents in the blockchain industry entirely on creative progress.
