Author: Dan Morehead, Founder of Pantera; Translated by 0xjs@Golden Finance
When the Pantera Bitcoin Fund reached a 1000 times 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 the original memo you wrote in 2013 when you basically said, 'Well, now is the time—Bitcoin has pulled back, and it's time to buy.' It pulled 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 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 stake in 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 almost doubled every year on average. What if it goes up another year?"
Joe: "Do you dare bet it won't go to zero?"
Dan: "Conservatively speaking, 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 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 was $13 million."
Dan: "Since we launched the Pantera Bitcoin Fund, the market cap of Bitcoin has increased by three orders of magnitude. I think it could grow another order of magnitude. That means Bitcoin's market cap reaching $15 trillion, which is still relatively small compared to $500 trillion of financial assets. This is feasible."
Election results
Breaking news, cryptocurrency holders voting
Most Americans are under 40 years old.
They love blockchain.
Then they voted.
For months, I have been writing about how politicians have put themselves in danger by ignoring blockchain enthusiasts. That has indeed happened.
Young people passionate about blockchain determined this election.
Since the last election, the support rate among women under 30 has risen by 14 percentage points in favor of President Trump. Since November 2020, President Trump has not done much to support women or the Constitution, so you have to conclude that this is driven by his strong support for blockchain policy changes.
Support among men under 30 rose by 29 percentage points! This is crazy.
They supported Donald Trump’s election as president by 14 percentage points. I haven't heard the term 'young Republicans' since the 80s.
This chart is clear—young people changed the election. Most Americans are under 40 years old. They vote in favor of cryptocurrency.
The end of anti-crypto legislators
As I have written in the past, I never understood who in Congress would oppose cryptocurrency. Who are these imaginary anti-crypto Congress members? Who would support representatives in Congress who oppose cryptocurrency? It just doesn't make sense.
Although new technologies should not be partisan at first, if they become politicized, it should be Democrats promoting Bitcoin. This is the dream of progressives.
Although the Republican victory is well known, people know very little about the significant changes beneath the surface. With anti-crypto senators successfully locked out and removed, 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 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 think the rhetoric of Congress members opposing cryptocurrency is coming to an end. Four years from now, when we do the tally again, I would be surprised if any of the 122 Congress members who opposed cryptocurrency are still around. They will either 'change sides' to support blockchain or lose in the next election.
This will refocus the talent in the blockchain industry on creative progress.
