- Pantera CEO Dan Morehead has predicted that crypto will hit billions of users in the next four to five years.
- He said that crypto prices would rise as adoption grew based on supply and demand principles.
- He also gave his view on the current market drawdown, saying he thinks crypto hit a bottom during June’s lender liquidity crisis.
Share this article
Morehead argued that crypto was in “a secular bull market” and could trade independently from traditional risk assets over the years ahead.
Pantera CEO Maintains Bullish Crypto Stance
Dan Morehead has made it clear that he isn’t fazed by the ongoing crypto winter.
In a Wednesday interview with CNBC’s Squawk Box, the Pantera founder and CEO discussed the current state of the digital assets space, asserting his confidence in blockchain’s future despite the market’s sharp drawdown from all-time highs.
Morehead said that he thinks crypto is in “a secular bull market” that’s been caught in a downtrend with other risk assets over recent months, predicting that the nascent asset class could lose its close correlation with other markets in the future. “I can easily see a world a few years from now where risk assets themselves might still be struggling but blockchain’s back to all-time highs,” he said, addressing the adverse macro conditions that have affected equities and crypto this year.
Morehead argued that crypto’s value would increase if adoption grew, making a lofty prediction on how the asset class could gain usage over the next few years. “Hundreds of millions of people use blockchain today, I think in four or five years it’s gunna be literally billions of people,” he said.
Bitcoin has grown to roughly 200 million users worldwide since launching as a niche Cypherpunk movement in 2009, while the broader crypto market neared 300 million users at the beginning of the year, per Crypto.com data. However, the space has suffered from a months-long bear market, casting doubt on the possibility of near-term rapid growth.
Retail Interest Wanes
When crypto experiences bull rallies like the one that saw the market top $3 trillion in 2021, it tends to attract hordes of new users. But many of them leave the space when they experience downside price volatility as the market cycle ends, slowing down adoption. Bitcoin trades over 70% down from its November 2021 peak today, and mainstream interest in the technology has plummeted amid worsening macro conditions…