Author: Dan Morehead, Founder of Pantera; Translated by: 0xjs@Golden Finance
When the Pantera Bitcoin Fund reached 1000x returns, 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 firm released some news about Bitcoin's rise this morning. The Pantera Bitcoin Fund recently hit the milestone of 1000x returns since its inception."
"You kindly sent us the original memo you wrote in 2013, when you basically said, 'Okay, it's time - Bitcoin has corrected, it's time to buy.' It corrected from $130 to $65, and the fund was launched then. You said, 'I personally want to buy 30,000 bitcoins.' This was the launch of the first institutional investment tool for Bitcoin..."
"Currently, after this increase of 1000x, it has risen another 30%."
Dan: "But it’s 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 over eleven years, Bitcoin’s price has nearly doubled every year on average. What if it goes up for another year?"
Joe: "Do you dare to bet it won’t go to zero?"
Dan: "Conservatively, I used to tell people it would definitely go 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. It has truly reached escape velocity."
Joe: "But your prediction is $740,000... I heard from Michael Saylor a few days ago that it’s $13 million."
Dan: "Since we launched the Pantera Bitcoin Fund, the market cap of Bitcoin has grown by three orders of magnitude. I think it could grow by another order of magnitude. That would mean Bitcoin’s market cap reaches $15 trillion, which is still relatively small compared to $500 trillion in financial assets. It’s feasible."
Election results
News flash, cryptocurrency holders vote
Most Americans are under 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. It has indeed happened.
Young people passionate about blockchain decided this election.
Since the last election, support among women under 30 for President Trump has risen by 14 percentage points. Since November 2020, President Trump hasn’t done much for women or the Constitution, so you have to conclude that this is driven by his strong support for blockchain policy changes.
Support for men under 30 has risen by 29 percentage points! That's crazy.
They supported Donald Trump’s election with a 14 percentage point vote. I haven’t heard the term 'young Republicans' since the 1980s.
This chart is clear - young people changed the election. Most Americans are under 40. They voted in support of cryptocurrency.
The end of anti-cryptocurrency legislators
As I’ve written before, I never understood who in Congress would oppose cryptocurrency. Who are the imaginary Congress members opposing cryptocurrency? Who would support representatives in Congress opposing cryptocurrency? It doesn’t make sense at all.
While new technology shouldn't be partisan at first, if it becomes politicized, it should be Democrats promoting Bitcoin. It's a dream for progressives.
While the Republican sweep is well known, few understand the significant changes beneath the surface. The successful locking and ousting of anti-cryptocurrency senators 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 the crypto super PAC, the blockchain industry won by 54 to 4.
The upcoming 119th Congress is:
House: 274 support cryptocurrency, 122 oppose cryptocurrency
Senate: 20 support cryptocurrency, 12 oppose cryptocurrency
I think the comments from Congress members opposing cryptocurrency are over. Four years from now, when we conduct the survey again, I would be surprised to find that any of the 122 Congress members opposing cryptocurrency have remained. They will either 'change their positions' to support blockchain or lose in the next election.
This will allow blockchain industry talent to refocus all their energy on creative progress.
