Bitcoin [BTC] is the next big technological innovation, says Pantera Capital CEO |
Dan Morehead, the CEO of Pantera Capital, one of the first cryptocurrency hedge funds in the US, spoke about the biggest challenges of the Bitcoin space and its evolution so far, in a interview with BNN Bloomberg.
Morehead also spoke about the accessibility problem faced by cryptocurrency investors in terms of acquiring Bitcoin [BTC]. He stated that the cost of the acquiring Bitcoin is going to be cheaper, adding that it would also become easier. Nonetheless, he agrees that it is one of the prevalent challenges in the current scenario. The CEO stated that Pantera Capital has set up a fund which allows institutional investors to get exposure to Bitcoin.
He further stated that there are several challenges for the space, the current one being scalability. He said:
“It’s worked for 10 years without any disruptions. There’s a proof that it is actually very functional, but we now can only do seven transactions per second. And we have a nice problem that the world’s usage of it has grown so fast that it’s maxed out.”
Morehead went on to say that for the next couple of years are going to be about scaling the blockchains. This is with the aim that the blockchains will be able to handle tens of thousands of transactions or hundreds of thousands of transactions.
On the topic of why Bitcoin and other digital currencies were important other than its price, the CEO stated:
“So, just general usage of it. Six or eight years ago, there’s probably a million people on earth that use it, nearly 50 million people use it again. A decade, there’s going to be billions of people that use it so that’s a good indicator and then also you’re seeing multinational corporations embracing blockchain. IBM saw, came out with a lot design after Walmart’s and they’re going to do let us on the blockchain for a while.”
He said that Bitcoin has reached mainstream adoption. Morehead stated that people have started to realize that it is “the trade” for the next 20 years. He stated that one of the main reasons why people have started to leave their jobs in Apple, Facebook and other multi-national corporations, is to hop on to the blockchain bandwagon and be a part of the revolution. He added that these entrepreneurs have already started to launch major browsers and projects in technology, and that Bitcoin is the next big technological innovation.
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