December 17, 2020 | AtoZ Markets – Dan Morehead, CEO of cryptocurrency hedge fund Pantera Capital, reiterated his optimistic outlook on Bitcoin in the coming months during the Real Vision Finance podcast, noting the brighter prospects for Ethereum and XRP.
Ethereum and XRP to outperform Bitcoin?
In a recent interview, Morehead predicted that over time, the number of cryptocurrency networks used will be limited to a single value.
“We are investing in Bitcoin, Ethereum and XRP ... Now I really think other cryptocurrencies will outperform digital gold. We are in the active phase of a bull market, so the lower the capitalization, the higher the beta. Bitcoin now forms 62% of the cryptocurrency market capitalization. Two years ago, at its peak, the figure reached 70%. I believe that his dominance will drift downward as it rallies, as altcoins will outpace him,” commented Morehead.
The head of Pantera Capital explained the preference for Ethereum by launching the zero phase of the second version of the protocol, which will ultimately increase the efficiency of the network. He is attracted to XRP by "the accumulation of potential for cross-border movement of funds." He added that Ripple's solutions already account for 10% of the $25 billion US-Mexico payment corridor.
We will remind, in August, Dan Morehead confirmed his forecast of Bitcoin reaching the $ 100,000 mark within two years.
On December 17, the Bitcoin price updated its all-time high above $23,000.
According to the July report of the company, the profitability of Pantera Bitcoin Fund for seven years amounted to over 15 000%.
Think we missed something? Let us know in the comment section below.