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(Bloomberg) – Dan Morehead, a veteran Bitcoin investor, is making more money in his hedge fund company by diversifying beyond the most popular cryptocurrency.
If you’re just a long Bitcoin it’s kind of like in the 90s, it was just a long Yahoo – you know there were 30 other really big companies to invest in, Morehead said, the director of Pantera Capital Management, in an interview with the Qatar Economic Forum, powered by Bloomberg. Now there are literally hundreds of tokens that are liquid enough to redeem.
Panteras’ liquid token fund has climbed nearly 250% this year through the end of May, compared to a 27% gain for Bitcoin over the same period. Morehead, in the interview recorded on Friday, said he is also investing in Audius, which he says is similar to a decentralized SoundCloud because it allows users to send audio files while using the Ethereum network. Polkadot is another of his crypto investments.
The Pantera founder was an executive at Julian Robertsons Tiger Management earlier in his career and is now one of a handful of powerful crypto players. Morehead said crypto would create a parallel financial system, with blockchain and decentralized finance, or DeFi, connecting buyers and sellers of assets without a bank. The Moreheads company manages $ 3.2 billion, according to its website, and launched its first fund in 2013, when Bitcoin was still at $ 65, down from over $ 29,000 on Monday.
Morehead was joined in the conversation by Mike Novogratz, the founder of Galaxy Digital, who said crypto is a rare investment that is going truly global and has the potential to outperform certain currencies over the next five years.
Novogratz said concerns about the currency’s depreciation will further fuel the adoption of crypto.
There are already 200 currencies on earth, Bitcoin is only number 201, Morehead said, adding that the US dollar is unlikely to be replaced, but a currency like the Venezuelan bolivar could be replaced in its lifetime. . Most importantly, you will see it just as a supplement.
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