Dan Morehead, the CEO of Pantera Capital, while appearing on Bloomberg, said that Bitcoin is a serial killer because it is capable of disrupting, and has already disrupted, a wide range of industries.
Morehead noted that cryptocurrencies have already started causing ripples in select financial sectors. He added that apart from digital currencies being the right choice for cross-border money transfer, they are also ideal for storing wealth.
For Morehead, those facing an inflation crisis or those restrained by laws regarding money transfer, cryptocurrencies are their freedom.
Crypto Has Better Days Ahead
Despite the current market dip, Morehead is confident that in the next couple of years, bitcoin and other cryptos will be used for everyday transactions. Like paying for coffee.
The CEO observed that even though the arrival of the internet did disrupt many sectors, the financial industry was mostly left untouched. But, with bitcoin, this is about to change.
Morehead continued to note that the lack of a user-friendly way to acquire bitcoin on virtual currency exchanges, was the most significant barrier blocking the adoption of bitcoin. However, this barrier is slowly being addressed by lowering the transaction fees on these exchanges.
On the number of transactions per second, Morehead said that the focus has shifted on how to improve the blockchains. In a way that will enable them to handle larger amounts of transactions per second comfortably.
The Pantera Capital CEO also mentioned that the number of people who were using bitcoin eight years ago has grown from one million to fifty million. It’s a sign that indicates an increase in adoption levels.
Adding “in a decade it’s going to be billions of people using it.”
Additionally, Morehead said even large corporations have started to embrace the blockchain. The likes of IBM and Walmart have plans to invest in the distributed ledger technology heavily. Bitcoin is also finding its way on stock exchanges, and traditional financial firms like Fidelity are now offering digital currency custody services.
According to Morehead, all these are indications that cryptocurrency and the blockchain have achieved a level of mainstream adoption hence better days lie ahead.
Basil has three years of freelance experience writing on disruptive technologies. He focuses on breaking news and education pieces; helping to spread the gospel of Blockchain. He hopes to have his own blockchain company one day; helping the world through its innovative ledger technology.
