Pantera Capital CEO Dan Morehead says Bitcoin (BTC) is coming into “a brand new worth period” as the worth of the US greenback crumbles.
Morehead notes in a brand new Blockchain Letter that inflation is at a 30-year excessive, and housing affordability has plummeted to its worst stage in over 15 years.
The chief government writes,
“The market is selecting – Bitcoin and different cryptocurrencies – over paper cash, with which governments are conducting a really harmful experiment.”
Morehead notes that the US greenback has plummeted to an all-time low towards laborious property with distinct portions, together with the S&P 500, copper, gold, sugar, lumber, oats, oil, and BTC.
The CEO says,
“Pantera’s core post-pandemic macro theme has been: The limitless printing of cash will push up the worth of issues whose amount can’t be eased.”
The biggest crypto asset by market cap, against this, might be primed to surge even increased, Morehead argues.
“Bitcoin hit a brand new all-time excessive on October twentieth, reaching $66,930. The final time Bitcoin retook its all-time excessive after falling over 50%, it went 3.2x above that shortly thereafter.
The common improve of the previous three cases of constructing a brand new all-time excessive – 8.8x over a 166-day interval.”
Bitcoin is buying and selling at $64,798 at time of writing and hit an all-time excessive of $69,044 on Wednesday.
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