Dan Morehead, CEO of Pantera Capital, one of the first cryptocurrency hedge funds in the United States, spoke about Bitcoin and its application in an interview with BNN Bloomberg. He also discussed the current problems of the financial system that can be solved by Bitcoin and other cryptocurrencies.
Morehead explained first why the cryptocurrency sector still deserves attention. He said that a disruptive technology is classified as a killer and that “Bitcoin is a serial killer.” However, the CEO said that the cryptocurrency is not “very good” at this time, but that it is suitable for the cross-border monetary movement. I have added:
“It’s great to storing your wealth, especially if you live in a country with a depreciating currency or capital controls very popular. So it’s very good at some things. Now, in over the next decades, it will get into things like buying a cup of coffee, right now, it’s very good at cross border money movement.”
Morehead said Bitcoin’s main request was for immigrants from another country who wanted to send money to their families. I have added that the use of the cryptocurrency is “basically free” and immediate, which contradicts the usual transfer fees.
I have continued to talk about the problems of the current financial system that will solve Bitcoin and other digital currencies. The CEO said there was a lot of friction when it comes to sending money from one place to another and it was very slow. I have added that it would be easier to take a suitcase with money and fly, because it would be a faster way to transfer money. With Bitcoin, however, it can be sent in seconds and “basically” for free.
“And so that is essentially routing around the payment rails that are very slow and expensive. And that is one way to think about it is the rest of protocols the internet, disrupted commerce, communication, almost everything else in our lives. They didn’t touch banking didn’t touch credit cards, they didn’t touch remittance. That’s what Bitcoin is doing”
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