Pantera Capital, which is one of the leading investment firms in the crypto space, seems to have an optimistic look at cryptocurrencies despite the current market downturn.
As the CEO and chief investment officer at the firm Dan Morehead stated during a digital asset funds conference this Tuesday, blockchains are the next step in the evolution of equity. In that way, cryptocurrencies are a superior form of currency.
Morehead also called Bitcoin “the biggest disruption of this generation”. As a well-known optimist who stated that the combined crypto market cap could climb to $40 trillion one day, he also pointed out some statements towards the regulation and adoption of cryptocurrencies by banks.
He addressed his thoughts in the same way as Warren Buffett did earlier this year, noting the ‘rat poison squared’ rumor about Bitcoin, stating:
“It is rat poison; it’s just the banks and credit card companies are the rats.”
When asked if now is a good time to buy crypto, Morehead stated:
“That’s actually a good time to increase your position. It is highly likely to be the low point for the industry. My normal view is that it is going to return to its trend”
Morehead remains positive and optimistic about the long-term scenario of blockchain technology and cryptocurrency. As he said, blockchains are the “final piece” of the protocol structure that describes the Internet – and a way to move funds without paying high fees.
Bitcoin, according to him, is not a category killer but a “serial killer” which means that it will affect many different use cases.
“I think we’re heading towards a post-capitalist era. Now, we’re going to have ‘cooperatively owned’ technologies that are very valuable.” Morehead concluded.
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"We believe this thesis still remains intact which could mean seeing a break of the lows in the coming weeks. A 25% selloff in BTC from the current lows of $3,200 would be to roughly $2,400."He also shared that the next sell-off could be just what the crypto market needs in order to finally break the backs of the bears and reach a new bull momentum in 2019.
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“Bitcoin is now accessible at your local grocery store via Coinstar kiosks, and this offering will make it even easier for consumers to participate in this dynamic new economy.”Coinstar, on the other hand, offers coin-to-cash conversion in their kiosks in multiple countries around the world but it still remains unknown whether the Bitcoin feature will expand just as quickly as it did in the US. Coinstar’s CEO Jim Gaherty noted: Coinstar offers coin-to-cash conversion kiosks in various countries throughout the world. It remains unknown whether the Bitcoin feature will expand beyond the U.S., while the company did not provide figures on how many machines will offer it.
“Coinstar is always looking for new ways to offer value to our consumers when they visit our kiosks.’’According to CoinATMRadar industry monitoring resource, there are more than 4187 Bitcoin ATMs worldwide and more than 60 percent or 2516 are in the United States. The market has grown plenty over the years and many operators are trying to get control of what they think to become a fairly popular trend for crypto usage.
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