Markets Prefer Bitcoin and Crypto to Paper Money: Dan Morehead, CEO of Pantera Capital

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Pantera Capital CEO Dan Morehead said Bitcoin (BTC) is entering “a new era of pricing” as the value of the US dollar collapses.

Morehead notes in a new Blockchain letter that inflation is at its highest level in 30 years and housing affordability has dropped to its worst level in more than 15 years.

The general manager writes,

“The market chooses – Bitcoin and other cryptocurrencies – over paper money, with which governments are conducting a very dangerous experiment. ”

Morehead notes that the US dollar has fallen to an all-time low against durable assets with separate amounts including S&P 500, copper, gold, sugar, timber, oats, oil and BTC. .

The CEO says,

“Pantera’s basic post-pandemic macro theme has been: printing unlimited money will drive up the price of things the quantity of which cannot be relaxed.”

In contrast, the largest crypto asset by market cap could be set to rise even more, according to Morehead.

“Bitcoin hit a new all-time high on October 20, reaching $ 66,930. The last time Bitcoin hit an all-time high after falling more than 50%, it rose 3.2 times above shortly thereafter.

The average increase in the last three cases of achieving a new all-time high – 8.8 times over a 166-day period.

Bitcoin is trading at $ 64,798 at the time of writing and hit an all-time high of $ 69,044 on Wednesday.

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Featured Image: Shutterstock / 3000ad / Andy Chipus

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