Dan Morehead of Pantera Capital says the global devaluation of currencies has already triggered an all-time high in Bitcoin price for billions of people.
In Pantera’s November newsletter, Morehead points to Venezuela, Argentina, Turkey, Brazil, Nigeria, South Africa, Russia and India as eight countries where Bitcoin’s value is well above that of Fiat.
“We have to do all of these podcasts to tell Americans or British how Bitcoin works and why it matters. People in Argentina, you don’t have to do a big podcast. You totally get it … For billions of people, the price of Bitcoin is already at an all-time high. “
Even after growing in 2020, Bitcoin still has one of the cheapest upside positions he has ever seen, according to Morehead.
“My own global macro background brought me to crypto in the first place. It’s not surprising that so many other global macro investors like Mike, Paul Tudor Jones, and Alan Howard have also been drawn to Bitcoin.
The asymmetry of this trade – which works in the largest markets in the world – makes this opportunity orders of magnitude greater than the trades we have typically followed globally. I think it is the most asymmetrical trade I have ever seen. “
Morehead is an early Bitcoin investor and has predicted that BTC will hit $ 115,000 by next summer. However, he warns traders about the volatility of the leading cryptocurrency, saying the asset remains a “massive hype cycle roller coaster.”
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