The market is selecting Bitcoin over Fiat currency, with which governments are conducting a really harmful experiment.
Pantera Capital CEO Dan Morehead says Bitcoin (BTC) is entering “a new price era” as the worth of the US dollar crumbles.
Morehead notes in a new Blockchain Letter that inflation is at a 30-year high, and housing affordability has plummeted to its worst stage in over 15 years.
The chief executive writes,
“The market is selecting – Bitcoin and different cryptocurrencies – over paper money, with which governments are conducting a really harmful experiment.”
Morehead notes that the US dollar has plummeted to an all-time low against laborious assets 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 most important crypto asset by market cap, in contrast, could be primed to surge even greater, Morehead argues.
“Bitcoin hit a new all-time high reaching $69k. The last time Bitcoin retook its all-time high after falling over 50%, it went 3.2x above that shortly thereafter.
The common increase of the previous three cases of constructing a new all-time high – 8.8x over a 166-day interval.”
Bitcoin is trading at $63,777 on the time of writing and hit an all-time high of $69,044 on Wednesday.