Pantera Capital is overweight Altcoins, but that is not a knock a Bitcoin...
Dan Morehead of Pantera Captial was speaking at the Unitize Virtual Event along with other heavyweights such as Tim Draper, Meltem Demirors, and Balaji Srinivasan among others...
It was a virtual meetup to discuss many of the latest happenings in the crypto world as well as their investing ideas moving forward.
The virtual event can be seen here btw:
(Source: https://www.youtube.com/)
The big takeaway?
The big takeaway for me was just how bullish Dan Morehead and Pantera Capital is on altcoins.
Pantera Capital has roughly $400 million assets under management and they are known as being one of the first crypto venture capital firm.
They are very bullish on bitcoin over the next two years, but they are even more bullish on altcoins over that same time period...
Saying:
“And it's our opinion that these altcoins and particularly smaller cap smart contract tokens are going to outperform Bitcoin over the next couple of years.”
But that's not a knock on bitcoin in any way...
In fact they think bitcoin is going to do very well in it's own right:
“We think Bitcoin is going to go up a ton, but altcoins will go up even more. An example is Bitcoin is up about 30 percent year to date, which is amazing. Given that equities are down and real estate's down and almost all assets are down in price. But other things in the cryptocurrency space are up much more, Ethereum is up 80% and then other smaller projects like Augur (REP) and 0x (ZRX) are up 100% on the year.”
(Source: https://cointelegraph.com/news/crypto-og-thinks-altcoins-will-outperform-btc-in-the-near-future)
Bitcoin is going to up a lot, but altcoins are go up even more
Morehead and his fund have done very well over the years they have been involved in the crypto space, though anyone who has just held since the time they bought (as long as it was before late 2017) is likely doing very well as well.
His stance on altcoins over bitcoin makes a lot of sense when you consider historical patterns.
After/during every major bitcoin rally there have been a number of altcoins that have done even better.
Bitcoin went up 20x from late 2016 to end of 2017.
However, there were some altcoins, like STEEM/HIVE for example that went up roughly 90x over that same time period...
Morehead and Pantera Capital are simply betting on bitcoin and crypto to do what it has always done.
Hopefully they are right!
Stay informed my friends.
-Doc
Posted Using LeoFinance
I do not disagree with them
and... haven't we all been saying the same thing?
Bitcoin will be the big boy on the block, but its use case is capital storage.
The other use cases such as transaction, online markets, online auctions, insurance, tracking, etc
will be much bigger. And so, their prices will reflect that.
Possibly. Though I don't think their argument was even based on fundamentals. Just mainly based on the fact that historically when bitcoin goes up, altcoins tend to go up even more... I do agree with you about the fundamentals though. If a fabric coin is ever internet 2.0, then that will most likely have more value than bitcoin even if bitcoin has a nice chunk of the current gold market.
now its just waiting for hive to 90x again... that would make me a very happy camper
I would take 90x for sure, though I think you need to recheck your math. HIVE went up about 10x... :)
well, I am talking Steem history but this is now hive history as well...
Ah yes, I see what you mean now. Yes that sure would be nice. On that note, both HIVE and STEEM are having trouble participating much in the curren mini alt season. STEEM at least is not going down, I can't say the same for HIVE... ugh.
Bitcoin is full of surprises, isn't it? Haha!
What do you mean?
That makes sense. Bitcoin is too bloated and big for it's own good. A lot of the alt coins have so much going for them like BAT and HIVE.
I disagree. It's never going to be widely used for payments, at least not in its current iteration. It's a digital store of value and that is just fine.
Yes and I think you are agreeing with me. I also believe that BTC is not fit for peer to peer cash in it's current form, just a digital store of value!
I'm getting pretty tired of the phrase "altcoins..." hoping eventually the community's language will upgrade to reflect the reality of the situation, just as we don't call Facebook, Twitter, or Instagram "alt social media" comparing it to MySpace...
Good point, though I really don't think bitcoin will end up going the way of Myspace. It's use case is as a store of value, a la digital gold, and the gold market is currently worth close to $9 trillion (vs. bitcoin at $170 billion currently). There's plenty of runway there even if that is all it really is.