Pantera Capital’s Dan Morehead has claimed that he thinks altcoin cryptocurrency tokens will perform better than Bitcoin’s price within the next few years.
Founded in 2013, Pantera stands as the first cryptocurrency venture capital and the words of the founder of the firm hold weight in the industry. Speaking at Unitize, a blockchain and cryptocurrency-focused virtual event, Morehead suggested that he, and his firm, are backing altcoins to outperform Bitcoin’s growth. He stated:
“And it’s our opinion that these altcoins and particularly smaller cap smart contract tokens are going to outperform Bitcoin over the next couple of years.”
“Bitcoin Will Go Up A Ton”
Morehead assured that Pantera still considers that Bitcoin will still explode in price and that he’s not saying otherwise. Instead, he thinks that altcoins will increase even more than the leading cryptocurrency:
“We think Bitcoin is going to go up a ton, but altcoins will go up even more.”
He offered that Bitcoin’s increase by approximately 30% year to date, “is amazing” but continued to point out that other assets and cryptocurrency investments are increasing more aggressively than Bitcoin: “[Other] things in the cryptocurrency space are up much more, Ethereum is up 80% and then other smaller projects like Augur (REP) and 0x (ZRX) are up 100% on the year. It’s worthwhile noting that Pantera is investing currently in Augur and 0x, but did not capitalise on the initial coin offering (ICO) for Ethereum in 2015; a move which Morehead regrets. Earlier this year, he commented:
“And I wouldn’t say we were Bitcoin maximalists, but it was just kind of like, oh, it feels like maybe these guys on the Bitcoin side might figure this one out. And this kind of anarchistic guys doing the crowd sale, is not really going to work out? So we were close enough to have exposure. But we didn’t do it. That was a mistake.”