- During the 1980s, Dan worked as a bond trader at Goldman Sachs.
- Pantera has recently concentrated on Decentralized Finance (DeFi).
Pantera Capital, run by Dan Morehead, has returned over 65,000% to investors since its inception in 2013, and its capital management division has returned $6 billion to investors. There’s always the possibility that the market may go down in flames. On Friday, Bitcoin was trading at $37,000, significantly below its November top of $68,000, fueled by forecasts of increasing global interest rates and strong measures by central banks to dampen skyrocketing inflation, which has taken a heavy toll on the cryptocurrency.
It’s no coincidence that he was one of the first to dive headfirst into crypto after a distinguished career in banking. During the 1980s, he worked as a bond trader at Goldman Sachs and then as a hedge fund manager at Julian Robertson’s hedge fund, Pantera.
Technology That Underlies Matter
After earlier predicting that inflation and interest rates would continue to fall for decades, Mr. Morehead now believes that inflation will rise in 2022 and that central banks would react to it. While he expects that dynamic to have a negative impact on cryptocurrency pricing, he hasn’t lost his excitement for the technology that underlies it.
As far as Pantera is concerned, it’s not simply Bitcoin that they are betting on. Coinbase, FTX, and Gemini are among the exchanges supported by venture capital funds, while the firm’s token funds are investing in blockchain innovators. Pantera has recently concentrated on decentralized finance (DeFi), which replaces the conventional Wall Street, business models.
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Before the financial crisis of 2008, Pantera’s initial edition had grown to around $1bn in assets. As a solely crypto-focused investor, the stake is now several times greater. At the beginning of this year, the business had $5.6 billion in assets under management, including a $600 million fund launched in November.