Original title: Escape Velocity
Original author: Dan Morehead, Founder of Pantera
Original translation: 0xjs, Jinse Finance
When the Pantera Bitcoin Fund reached a 1000 times return, I was interviewed by 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 this morning about the rise of Bitcoin. The Pantera Bitcoin Fund recently hit a milestone of 1000 times returns since its inception."
"You kindly sent us your original memo from 2013, when you were basically saying, 'Well, now is the time—Bitcoin has pulled back, it's time to buy.' It pulled back 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: "But it's still too early. I think the median institutional ownership of blockchain is zero. Most institutions have zero investment in blockchain, even those that are truly progressive and committed to blockchain only allocate 1% or 2% of their funds to it. 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 nearly doubled on average every year. What if it goes up another year?"
Joe: "Do you dare to bet it won't go to zero?"
Dan: "Conservatively, I used to tell people it would definitely drop to zero. But I don't think that's possible now. There are 50 million people in the U.S. holding it. There are 300 million people globally holding it. BlackRock and Fidelity are selling Bitcoin to retail investors. It has truly 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, the market cap of Bitcoin has grown three orders of magnitude. I think it could grow another order of magnitude. That means Bitcoin's market cap could reach $15 trillion, which is still relatively small compared to $500 trillion in financial assets. This is feasible."
Election results
News flash, cryptocurrency holders vote
Most Americans are under the age of 40.
They love blockchain.
Then they voted.
For months, I've been writing articles about how politicians have put themselves in danger by ignoring blockchain enthusiasts. This has indeed happened.
Young people enthusiastic about blockchain determined this election.
Since the last election, the support rate among women under 30 has increased by 14 percentage points for President Trump. Since November 2020, President Trump hasn’t done much to support women or uphold the Constitution, so one must conclude that this is driven by his strong support for blockchain policy changes.
Support among men under 30 has 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.
This chart is clear—young people changed the election. Most Americans are under the age of 40. They voted to support cryptocurrency.
The end of anti-cryptocurrency legislators
As I have written before, I never understood which members of Congress would oppose cryptocurrency. Who are the imagined anti-crypto members of Congress? Who would support representatives who are against cryptocurrency? It just doesn't make sense.
Although new technologies should not initially carry partisan colors, if politicized, it should be Democrats promoting Bitcoin. This is the dream of progressives.
While the Republican landslide is well known, little is understood about the significant changes beneath the surface. With anti-cryptocurrency senators successfully locked out and ousted, this will fundamentally change Congress. Just like Senator Sherrod Brown being ousted by an unknown pro-Bitcoin car dealer—who received $40 million in Bitcoin PAC funding.
Among the 58 election candidates supported by cryptocurrency super PACs, the blockchain industry won 54 to 4.
The upcoming 119th Congress is:
· House of Representatives: 274 support cryptocurrency, 122 oppose cryptocurrency
· Senate: 20 support cryptocurrency, 12 oppose cryptocurrency
I think the rhetoric of Congress members against cryptocurrency is over. Four years from now, when we re-statisticize, I would be surprised if any of the 122 Congress members who oppose cryptocurrency are still around. They will either 'change their stance' and support blockchain or be defeated in the next election.
This will allow talent in the blockchain industry to refocus all their energy on creative progress.
Original link
