Pantera Capital CEO: “We’re heading towards a post-capitalist era”

Bitcoin is the biggest disruption of this generation, said Pantera Capital CEO and chief investment officer Dan Morehead in a conference call this week.

Despite the recent downward trend in Bitcoin’s value, Morehead remains optimistic about the potential of the virtual currency and the blockchain technology behind it, reports CCN. Rather, he claims that the value drop simply presents investers with an opportunity to buy.

“That’s actually a good time to increase your position,” he said. “It’s highly likely to be the low point for the industry. My normal view is that it’s going to return to its trend.”

Back in May, Warren Buffett dubbed Bitcoin “rat poison squared”, and in reply, Morehead said: “It is rat poison; it’s just the banks and credit card companies are the rats.”

The space of cryptocurrencies is built on the dichotomy between decentralised banks and crypto investors, and Morehead joins a chorus of voices predicting that blockchain technology will cause and seismic shift in the financial world.

“I think we’re heading towards a post-capitalist era,” he added. “Now we’re going to have ‘cooperatively owned’ technologies that are very valuable.”

We previously reported that top CEOs believe banking will run on blockchain within five years, with ING’s Ralph Hamers saying: “I think the banks are really working on this now because the potential is so huge and if the top five, six global banks would put their minds to it and agree on a standard, you could force [that] standard onto the globe. And I think that you can actually then get to a timeframe of five or six years in which this will work.”