2018-11-17 00:15 |
The CEO of Pantera, Dan Morehead, recently spoke about the problems facing the financial world. He also discussed how crypto could be used to resolve these issues. Pantera Capital was one of the first hedge funds in the US crypto market.
His comments were made during an interview with Bloomberg.
His Thoughts On The IndustryMorehead began the discussion by talking about why it was still worth looking into the crypto industry. He said that all disruptive tech is usually classified as a killer. According to him, the BTC was a serial killer. However, he did acknowledge that crypto was not doing well right now. Despite this, he said that crypto was awesome for cross-border transfers of money.
Dan said that crypto was a great way to store wealth. This was especially so for people who lived in nations that had depreciating currencies or whose state control of capital was extensive.
Thus, crypto was still quite useful for some things. Dan Morehead believes that in the coming decade, crypto would be used for daily purchase such as buying coffee. However, it was quite useful for cross-border movements of huge amounts of money right now.
Morehead went on to claim that BTC’s main use case was for immigrants who wish to send some money back home to their relatives and family members. According to him, with the help of crypto’s instant and free transfers, it was better than other methods. This was due to the high remittance fees that were usually charged.
Dan also discussed the issues facing the current world of finance. He believes that BTC and other digital coins would play an important role in resolving the issues. The CEO said that there were many problems when it came to trying to send money from one location to the next. Thus far, the system was quite slow.
In fact, it had changed little in the past decades, despite the invention of modern computers and many other inventions. Dan said that it was, in fact, faster to grab a suitcase full of money and fly to your preferred destination than funds transfer. However, BTC could be sent in just a few seconds and it was free.
Morehead On The Benefits Of CryptoAccording to Morehead, crypto could make it possible to bypass the current payment system, which was quite slow and expensive. According to him, one way to view the BTC and crypto was the internet. The internet changed how commerce works. The internet also forever changed communication and almost all other aspects of modern life.
However, he noted that the internet protocol did not have any impact on banking, credit cards, or remittances. However, he noted that the banking system would not be able to avoid the crypto revolution.
SummaryDan Morehead’s assessment of the banking world is quite accurate. It has not changed in many decades. In fact, since its invention, it has not had to make any changes. However, the coming age of crypto, which promises better speeds and low fees will force the industry to adapt.
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