Pantera CEO is bullish on DeFi and Web3 as Token2049 gets underway

In his keynote speech at Token2049, Singapore Dan Morehead, CEO of Pantera, highlighted the potential growth in decentralized finance (DeFi), Web3 functionality and nonfungible tokens (NFTs), and metaverse apps in his opening keynote speech.

On Wednesday, thousands of people gathered at the Marina Bay Sands Convention Center to witness the opening of the conference. It featured prominent speakers from the blockchain and cryptocurrency ecosystems.

Pantera, a crypto-focused investment fund, has $4.5 billion in assets under management. It said that it sees value in new crypto use cases.

Morehead made parallels to 2000, when new technology companies such as Amazon, Apple, and Google started to attract significant investments. This was after Microsoft had been dominant in the stock market for many years.

Pantera Capital founder and CEO Dan Morehead.

Morehead pointed out that Bitcoin ( Bitcoin) was the dominant cryptocurrency in investors’ portfolios for the past decade. However, he suggested that new projects and use case could offer even greater returns on investments:

“We are almost at the point when half the market is made up of things other than the main blockchains. While I remain wildly bullish about Bitcoin and Ethereum, I believe these projects will perform even better than the main blockchains and should be part of someone’s portfolio.

Morehead believes that the three most promising areas are DeFi, Web3, and NFTs. Pantera CEO also discussed the state of DeFi after it had to endure a difficult few months following Terra’s collapse and the contagion from now-defunct lenders.

Similar: Pantera to close Blockchain Fund shortly after raising $1.3B — twice the target

Morehead stated that DeFi’s current market capital of $20 billion, compared to the traditional financial system’s $3 trillion, means there is ample room for growth.

Web3 was also a hot topic with the CEO, due to its emphasis on giving users control over their data and platforms owned or managed by communities rather than central entities.

“The current internet is all about extracting value from you. Big Tech has some shaky governance issues. I am excited to see a world in which people create and add value, and where all networks own their data.

Morehead even described Web3 as the “most inevitable trade” he had ever seen. He highlighted the potential for Web3 to be decentralized and give value back to users and creators.

The presentation was concluded by the Pantera CEO. He stated that he believes that the current cryptocurrency market cycle differs from previous years due to strong fundamentals. He pointed out that there are approximately 200 million people who use blockchain-based platforms as well as cryptocurrencies. This number could grow to one billion over the next three year.

Opinion writer on 7trade7