Pantera CEO Dan Morehead said that global crypto adoption could increase in the next four to five years. The experienced macro fund manager predicts that Bitcoin and altcoins will rise on these dates.
Pantera CEO Bitcoin and altcoins continue their bull stance
Dan Morehead has made it clear that he is unaffected by the ongoing crypto winter. In an interview with CNBC on Wednesday, he revealed his confidence in the future of Blockchain despite the hard sell-off in the market. Morehead says that crypto has been in a “secular bull market” in recent months, which has accompanied the decline with other risky markets. It was among the predictions of the expert that cryptocurrencies in their infancy may lose their close correlation with other markets in the future. Addressing the negative macro conditions affecting stocks and crypto this year, Morehead said:
A few years from now, I can easily see a world where the risk assets themselves can still struggle but Blockchain is back to all-time highs.
Morehead also argues that if adoption increases, the value of cryptocurrencies will increase:
Hundreds of millions of people are using Blockchain today, I think in four or five years there will be literally billions of people.
Individual attention wanes
The cryptocurrency market experienced bull rallies in 2021, where it saw $3 trillion. During these periods, armies of new users tend to flock to the market. But many leave the market once the rally ends, slowing adoption. Bitcoin is trading today, down over 70% from its November 2021 peak.
Global searches for “crypto” and “Bitcoin” have reached their lowest levels before 2021 in recent weeks, according to Google trends. Google search trends are a popular metric for assessing mainstream crypto interest. Searches for “Bitcoin” peaked in December 2017 and May 2021 during the retail-focused frenzy.
Morehead said he thinks we are “nearly through the worst” of the ongoing crypto winter. He referred to the liquidity crisis that triggered the bankruptcy of credit platforms such as Celsius and Voyager Digital. Noting that June 2022 marks the bottom for the current market cycle, he said:
If you add any leverage when your market is down 75.80%, it will be difficult.
The future of Bitcoin and altcoins, according to Dan Morehead
Morehead also noted that the market dominance of Bitcoin and Ethereum dropped to 57% on Tuesday. Looking at the data, he said there are “hundreds of really interesting projects” that will see growth in the future.
While Morehead has a bullish outlook, it’s worth noting that his company, Pantera, is known for investing in the long-term time horizon. In the short term, there are many reasons to take a more pessimistic view of Bitcoin and the wider space, including market exhaustion, rising inflation and the prospect of further rate hikes from the Federal Reserve, and the lack of potential catalysts to follow. cryptocoin.comAs you follow, the global market capitalization is currently around $900 billion.
