There’s a new crypto era that’s unfolding according to an important analyst. Check out the latest news that reveals the fact that alts will outperform BTC.
Dan Morehead reveals bullish BTC and altcoins predictions
The founder and chief executive officer of Pantera Capital recently said that investors can expect altcoins to outperform Bitcoin (BTC) in the long term.
During the SALT 2021 conference in New York, Morehead said that even though his company has greatly profited from BTC, he emphasized that most future crypto gains will come from altcoin investments.
“My perspective is: Bitcoin has been amazing – Pantera Bitcoin Fund is up 67,000% since inception. However, I think the majority of future gains will be from tokens outside of Bitcoin. I know that sounds heretical to some people here, but that’s my professional opinion.”
Bitcoin rise vs. tech industry boom in the ’90s
Morehead compared the rise of Bitcoin and its competitors to that of the tech industry boom during the late 1990s.
“It’s like saying in 1998 that [the] majority of future tech gains would come from outside Microsoft. At the time, Microsoft was worth $218 billion, Apple $3.5 billion, Amazon was $2.2 billion. Google and Facebook were zero – they didn’t even exist. In the years since Microsoft did great – it went up 10x. However, 80% of the tech gains in these five stocks came from outside Microsoft.”
He said that BTC will be going up to ten times. “It’s a great investment…[but] I think the broader portfolio is going to outperform.”
At the moment of writing this article, BTC is trading in the green and the king coin is priced at $61,347.78.
Mike Novogratz is another popular name in the crypto space which is celebrating the booming price of Bitcoin.
Crypto wealth is approx 50bps of global wealth. That means if you don’t have at least 1/2 percent invested in crypto you are short the global benchmark. Most institutions are still at 0. As they move in, that number will go to 1 then 2 then….
The cycle has started.
— Mike Novogratz (@novogratz) October 16, 2021
Stay tuned for more news and keep your eyes on the market.