Dan Morehead, CEO of crypto investment company Pantera Capital, said that leading digital assets such as Bitcoin (BTC), Ethereum (ETH) and XRP will challenge the supremacy of the US dollar in the long run.

“The Dollar Will Lose to Become a Reserve Currency”
In the last episode of Real Vision Finance with macro investor Raoul Pal, Morehead talked about the current economic backdrop that he believes the US dollar could end its domination as follows:

In fiscal policy, we saw 10% of the GDP incentive signed days before a new incentive plan was discussed. These are just numbers that are literally excluded from graphics. From the USA’s crisis to the Great Depression or II. I believe that he will come out with more debt than the war against World War II.

Morehead explained that the transition from the dollar to a new reserve currency is a long usual process:

The dollar is now the world’s reserve currency, an undeniable fact. However, looking at the last 600 years, the reserve currency of the world changes every 80-100 years.

I think in the long run, and in the future, cryptocurrencies will be backup currencies, whether Bitcoin or Ethereum or Ripple. After all, some of these will be reserve currencies, but governments are too slow to change and so I think there will be a change that can take 10 to 20 years.

“Bitcoin (BTC) and A Few Crypto Money Will Survive”
When asked which cryptocurrencies will survive in the long term, Morehead said that only a handful of cryptocurrencies will remain:

I think very important blockchains will survive… Already Bitcoin is starting to take shape as a wealth storage tool… You see that Ethereum is really dynamic and they already have Ethereum 2.0… Then Ripple has received a corporate SaaS version and tries to work with all banks… I think this is 8 to 10 of the use cases will take place in the long term.

See Also
Market Sensitivity of Bitcoin Changes Again After $ 19K

Morehead expects institutional traders to rejoin the crypto after assessing the damage and seeing the current economic crisis bring new opportunities.

As for the current crypto strategy in Pantera, Morehead said the company temporarily sold a significant portion of its altcoin assets in the short term and expects Bitcoin to rise within a year:


Please enter your comment!
Please enter your name here