Pantera founder: Bitcoin will soon challenge the next order of magnitude
Original title: Escape Velocity
Original author: Dan Morehead, founder of Pantera
Original translation: 0xjs, Golden Finance
When the Pantera Bitcoin Fund returns 1,000 times, CNBC Squawk Box interviewed me on November 26, 2024.
Joe: "Our next guest has seen the cryptocurrency rally firsthand. We welcome Dan Morehead, founder and managing partner of Pantera Capital. The firm had some news this morning on the rally in Bitcoin. The Pantera Bitcoin Fund recently hit a milestone of 1,000x since its inception."
"You were kind enough to send us the original memo you wrote in 2013, where you basically said, 'Okay, now's the time - Bitcoin has corrected, time to buy.' It corrected from $130 to $65, and that's when the fund was 'launched.' You said, 'I'm personally going to buy 30,000 Bitcoins.' This was the launch of the first institutional investment vehicle for Bitcoin..."
"Now, this is a 1,000x gain and then a 1,000x gain." 30%. "
Dan: "It's early days, though. I think the median institutional ownership of blockchain is zero. Most institutions have zero investment in blockchain, and even the ones that are really progressive and really committed to blockchain only allocate 1% or 2% of their funds to blockchain. I think we still have decades to go..."
"I wouldn't bet my life savings that Bitcoin will go up, but for eleven years, the price of Bitcoin has almost doubled every year on average. What if it goes up for another year?"
Joe: "Would you bet it wouldn't go to zero?"
Dan: "To be conservative, I used to tell people it would definitely go to zero. But, I don't think that's possible now. 50 million people in the United States hold it. 3 million people worldwide hold it. 100 million people hold it. BlackRock and Fidelity are selling Bitcoin to retail investors. It really has reached escape velocity."
Joe: "But your forecast was $740,000... I heard from Michael Saylor the other day it was $13 million."
Dan: “Bitcoin has grown three orders of magnitude in market cap since we launched the Pantera Bitcoin Fund. I think it could grow another order of magnitude. That would mean a $15 trillion market cap, which is still relatively small compared to $500 trillion in financial assets. It’s doable.”
Election Results
News Flash, Crypto Holders Voted
Most Americans are under 40.
They love blockchain.
And then they vote.
For months, I’ve been writing about how politicians ignore blockchain enthusiasts at their peril. It really happened.
Young people who are passionate about blockchain decided this election.

Women under 30 are up 14 points in favor of President Trump since the last election. President Trump hasn’t done much to support women or the Constitution since November 2020, so you have to conclude this is driven by his strongly pro-blockchain policy changes.
Men under 30 are up 29 points! That’s crazy.
They voted for Donald Trump for President by 14 points. I haven’t heard the term “young Republicans” since the 80s.
This graph is clear — young people changed the election. The majority of Americans are under 40. And they voted for crypto.

The End of Anti-Crypto Lawmakers
As I’ve written in the past, I’ve never understood who in Congress would oppose cryptocurrencies. Who is the imaginary anti-crypto Congressman? Who would support an anti-crypto representative in Congress? It just doesn’t make sense.
While new technology should not be partisan in the first place, if it is politicized, it should be Democrats promoting Bitcoin. That’s the progressive dream.
While the Republican sweep is widely known, less is known about the significant changes that are taking place beneath the surface. Congress will be radically altered as anti-crypto senators are successfully targeted and removed from office. Just like Senator Sherrod Brown was ousted by an unknown pro-Bitcoin car dealer — who was backed by a $40 million Bitcoin PAC.
Of the 58 general election candidates supported by crypto super PACs, the blockchain industry won 54 to 4.
The upcoming 119th Congress is:
· House: 274 pro-crypto, 122 anti-crypto
· Senate: 20 pro-crypto, 12 anti-crypto
I think the anti-crypto rhetoric of members of Congress is over. In four years, when we recount, I will be surprised to find that any of the 122 anti-crypto members of Congress are still around. They will either "switch" and support blockchain or lose the next election.
This will allow the talented people in the blockchain industry to refocus all their energy on creative progress.
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