Dan Morehead, the chief executive officer of Pantera has said that he believes the worldwide adoption of cryptocurrencies will skyrocket in the next four to five years and that growing demand would lead to price increases.
Dan Morehead has made it plain that the current crypto winter has no effect on him.
Morehead said that he believes crypto is in a “secular bull market” that has been trapped in a decline with other risk assets during the last few months, anticipating that the new asset class would eventually lose its strong association with other markets. “I can easily see a scenario in a few years where risk assets are still suffering but blockchain is back to all-time highs,” he added, referring to the unfavourable macro factors that have negatively impacted stocks and cryptocurrencies this year.
Morehead suggested that crypto’s value would improve as acceptance rose, and he made a bold prediction about how the asset class may acquire usage in the coming years.
Since its inception as a small Cypherpunk movement in 2009, Bitcoin has expanded to about 200 million users globally, while the larger crypto industry approached 300 million users at the start of the year, according to statistics from Crypto.com. However, the sector has seen a prolonged bad market, casting doubt on the likelihood of strong expansion in the near future.
When cryptocurrencies have bull runs like the one that caused the market to surpass $3 trillion in 2021, new users are often attracted. However, many of them depart the area when the market cycle finishes and they endure adverse price volatility. Bitcoin trades almost 70% lower from its high in November 2021, and public interest in the technology has fallen in response to poor macroeconomic circumstances and poor market sentiment.