Pantera Capital’s Dan Morehead says the devaluation of currencies around the world has already triggered all-time highs in the price of Bitcoin for billions of people.
In Pantera’s November newsletter, Morehead points to Venezuela, Argentina, Turkey, Brazil, Nigeria, South Africa, Russia and India as eight countries where Bitcoin’s value has far outpaced fiat.
“We have to do all these podcasts to tell Americans or Brits how Bitcoin works and why it’s important. People in Argentina, you don’t need to do a big podcast. They totally get it… For billions of people, the price of Bitcoin is already at an all-time high.”
Even after its growth in 2020, Morehead says Bitcoin has one of the most favorable upside positions he’s ever seen.
“My own global macro background is what got me into crypto in the first place. It’s not surprising that so many other global macro investors like Mike, Paul Tudor Jones, and Alan Howard were also drawn to Bitcoin.
The asymmetry of this trade – working on the largest markets in the world – make this opportunity orders of magnitude larger than the trades we’ve typically chased around the world. I believe it’s the most asymmetric trade I’ve ever seen.”
Morehead is an early Bitcoin investor and has predicted BTC will reach $115,000 by next summer. However, he warns traders of the leading cryptocurrency’s volatility and says the asset remains a “massive hype cycle roller coaster.”
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
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