One of the earliest and most influential Bitcoin investors on record is revealing his top altcoin pick for the next 12 months.
Pantera Capital CEO Dan Morehead first recommended Bitcoin to investors back in August of 2013, when BTC was priced at just $104. At the time, he told investors that he believed it would soon “explode” through the $200 level.
Now, in an interview with Real Vision, Morehead says he remains extremely bullish on Bitcoin, but believes altcoins such as Ethereum and XRP will outperform the king of crypto in the year ahead.
When asked specifically which single coin he would pick moving into the next 12 months, Morehead says he’s most bullish on Polkadot (DOT), a multichain protocol founded by Ethereum co-creator Gavin Wood.
“If I have to pick one, I will actually pick Polkadot. It is about 10% of the value of Ethereum. It has more than 10% chance that it is [a] very viable competitor.
I think all cryptocurrencies can go up a ton, but if you want to pick or trade this and have a call a year from now and check in, I will go with Polkadot…
We are really excited about Polkadot because it takes all the advantages of Ethereum but does it with much more throughput. We are invested there.”
Morehead also points to the decentralized finance (DeFi) space as a segment of the crypto market that’s poised for big growth. Pantera recently led a $12 million investment round in the decentralized exchange aggregator 1inch.
“The DeFi explosion has been an important development. Decentralized exchanges as well, same deal. Why have a heavily collateralized middleman [that] holds everyone’s assets when you can hold them in code?
We have seen the exchange space explode there. Now, there [are] even things like 1inch, they are supplying the peripheral activities to exchanges. I am seeing a lot of activity in the DeFi space.”
Morehead says Pantera may hold early stage crypto assets for years as they become more liquid and established.
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