Dan Morehead: The Next Phase of the Crypto Bull Market

Published on
December 14th, 2020
Duration
35 minutes

Tyler & Cameron Winklevoss: Bitcoin Is The “Trade of the Decade”


Dan Morehead: The Next Phase of the Crypto Bull Market

The Interview - Crypto ·
Featuring Dan Morehead

Published on: December 14th, 2020 • Duration: 35 minutes

Dan Morehead, CEO and founder of Pantera Capital, joins Real Vision CEO Raoul Pal to discuss the current macro setup and its relationship to crypto as well as why this crypto bull market is different from the last and what the potential benefits could be from incoming regulations. Morehead explains what the focus at Pantera Capital has been over the past several months, including what he expects to outperform in the crypto sector. He also describes how he sees the crypto ecosystem evolving over the next few years and why the entry of Paypal into the crypto space is significant. Filmed on December 8, 2020. Key Learnings: With his extensive knowledge of the macro world, Morehead brings a wealth of expertise to the crypto space, and he expounds on what factors may have contributed to the recent surge in crypto interest and value. He describes why Bitcoin will likely continue to do well; however, he elaborates on why he expects other crypto assets to outperform and why Bitcoin might not be able to outperform some smaller assets in the sector.

Comments

Transcript

  • SD
    Shayne D.
    6 January 2021 @ 04:44
    ADA - huge community, will be fully decentralised very soon, faster and cheaper than ETH, new releases rolling out this year, Celsius to migrate from ETH to ADA because it's so much faster and cheaper.
  • jl
    johan l.
    2 January 2021 @ 10:28
    Thanks for another good interview. Personally I think the nii coin of the nahmii protocol will be among the winners, as it continues to gain industrial adoption as a layer 2 solution on top of Ethereum.
  • DD
    David D.
    31 December 2020 @ 12:08
    Useful; so much better than Hugh Henry's hyperactive blather
  • YK
    Yash K.
    30 December 2020 @ 17:03
    I heard this interview after the XRP dump (due to SEC filing a lawsuit against ripple). I think shitcoins should not be talked about in real vision. These altcoin narratives going up in value in bull market, bring in a lot of new comers with great expectations of finding another bitcoin (having missed all huge gains). I love Michael Saylor' ability to persuade people with all his logical arguments. That should be encouraged more. Investing in Bitcoin is like buying satoshis every month (consider it as a savings account / 401k). Everything else is just noise in crypto world. To Conclude; I love Real Vision's content and would love some responsible content from them instead talking about XRP and other shi*coins. Real value in investing is not to make quick buck but do it for long term and preserving wealth. I respect Raoul Pal's work and absolutely enjoy Real Vision's content. Thank you for keeping this free. :)
  • SL
    Schulmynn L.
    29 December 2020 @ 17:32
    I like Real Vision, but the push for XRP makes me doubt their knowledge. Have invested in many crypto projects including XRP and this is prob one of the least useful projects in this space. In the future, Diem, Stablecoints, CBDC, litecoin, etc are better choices than XRP.
  • SC
    Sam C.
    22 December 2020 @ 14:37
    won't Facebook's Diem make XRP, Stella, USD stablecoins irrelevant?
    • MD
      Mike D.
      25 December 2020 @ 09:34
      No, you might not believe it, but not everyone is on Facebook, however Facebook does have a huge user base, which could utilize it's platform to exchange Diem. Stablecoins have a real use case, such as in DeFi, as most cryptos are quite volatile, until they reach maturity, and it is a relatively new asset class at 647B market cap. Stablecoins are increasing in usage, and now they have the attention of central banks, and the regulators who work for them. As for XRP, and Ripple, who cares, as Ryan Selkis (anayist at Messari) stated recently "XRP is toxic waste" Vitalik Buterin has said that "XRP is a shitcoin" Andreas Antonopolous when talking about XRP said "I am yet to be persuaded that XRP is anything more than a mechanism to allow banks to maintain their central position and people to pretend to build something revolutionary while looking for the endorsement of the banks so they can gain relative power in that system, you don´t change a parasitical system by asking the parasites to endorse you so you can be a part of the parasitical system...." But it's a cross border payment system, however even Brad Garlighouse is thinking about crossing borders, from the USA to Europe, a tactical retreat for the XRP army. Perhaps they can move into the basement at the BIS. Alan F says he is excited about Ripple, to me that's like saying, I am excited about Tether, because i have a big bag of it. Money comes before morals in the dictionary, but in real life, if you have morals, you won't be distracted from the real technology, and the frictionless, censorship resistant public permitionles blockchains like BTC. Paul Tudor Jones who recently said, “A bet on Bitcoin is a bet on human ingenuity,” Max Keiser acknowledged Bitcoin as pro-humanity working for humans. (not the corrupt banking cartels) Andreas Antonopolous has a great rule of thumb acronym, for evaluating cryptos. He says if your going to jump out of the plane that is the crashing fiat currencies, (being debased by QE), you will need your parachute, and when you jump, you will pull your RIPCORD..... Revolutionary Immutable Public Collaborative Open Resistant and Decentralized
    • bf
      bill f.
      28 December 2020 @ 19:29
      i will never be on facebook. i tried it 3 or 4 times for about a week each time. now i'm permanently off it. it weirds me out.
  • JV
    Javor V.
    17 December 2020 @ 02:32
    The amount of blind XRP hate in these threads is truly amusing to watch. In one year, after the new regulatory clarity and after the Flare network becomes operational XRP will start having most of its price influenced by utility as opposed to the speculation (which drives almost all of price action as of now), at which point it will probably outperform both BTC and ETH massively. Screencap this
    • TP
      Timothy P.
      17 December 2020 @ 19:15
      If your token hasn't found any utility and is depending on "wait until this is released...." sorry, you're already in the long tail of failure. You don't see any projects succeed on the long term when they fail to gain traction from initial release. There are no Phoenix rising from the ashes in this space -- you either have value/utility, or you don't. XRP is a garbage bag floating around in a windstorm, its price demonstrates as much. But please, put in as much money as you can in XRP -- I find the market is the best teacher for those full of unfounded claims.
    • AF
      Alan F.
      18 December 2020 @ 22:08
      @timothy, a couple of counter points. BTC was originally created as a peer to peer value network but had to pivot to "digital gold" because it's incapable of fulfilling its original use case. Too slow and too expensive for any low value transfer. BTC began its life wonderfully decentralized from a network perspective and is now quite centralized, when you consider the mining pools. XRP began its life quite centralized but has proven with maturity that its become very decentralized and only continues in that direction. Ripple control about 5% of the validators and almost all XRP are either locked in escrow with only 1 % of the total supply released monthly or in circulating supply. Different approaches. It's hard to argue though that XRP facilitated 10% of the value transfer between USD and MEX according to the CEO of Moneygram, Alex Holmes. It's being used, and the use case its fulfilling could potentially scale to many orders of magnitude higher than BTC's daily volume. More liquidity leads to ever more liquidity which leads to less slippage on greater and greater sums of value transfer. Tell me again why you have such a strong hatred toward a token which you don't own? This is still a very nascent market and we are very early. I, personally am very bullish on XRP, BTC and VET. Let's reconvene in 2025 for an update...
    • TP
      Timothy P.
      24 December 2020 @ 19:01
      How are those XRP bags treating you? Downdraft of -40% not enough? Yeah, better hold on to that dagger, eh?
  • Fv
    Freek v.
    17 December 2020 @ 19:24
    Hey guys would love some input on what books best to read to learn more about Japan and their economy. Tnx.
    • bt
      brian t.
      19 December 2020 @ 23:32
      Princes of the Yen, hard to find book and expensive, they did make a documentary.
    • Fv
      Freek v.
      20 December 2020 @ 11:54
      Tnx brian
    • PC
      Paul C.
      21 December 2020 @ 17:54
      Princes of The Yen is on YouTube.
  • MD
    Mike D.
    17 December 2020 @ 22:32
    BTC facilitates a peer to peer transfer of value, which is supranational, and transfers value without trust, or friction between individuals on a public blockchain over the www. The protocol has it's own settlement layer through network confirmations, and as such there are no need for 3rd parties such as banks. Conversely XRP is a private blockchain (as is HBAR), that is claimed to be a cross border payment system, and a replacement for the SWIFT inter-bank payment system, however little XRP if any will be transferred to banks or individuals living in Syria, iran, Iraq, North Korea, Venezuela, or the freedom loving people of Lebanon to name a few. So even saying that it is a cross boarder payment system is a lie, or at least a deception, indicating that they do not deserve any trust. It is a closed hierarchical system, that helps (the status quo/debt enslavement) fat cats getting fatter. This is why there is hate for XRP, it goes against the ethos, that open, and inclusive framework that public blockchains and DeFi, or open finance represent. Will they bank the unbanked, how about XLM, Libra, or Fedcoin? At least this toxic waste is contained within it's own silo, like a sarcophagus like the one used in Chernobyl. Ripple (RIP)
    • AF
      Alan F.
      20 December 2020 @ 02:51
      XRP is a public, permission less blockchain and no one is preventing you from developing on XRP. Ripple is a private, global payments company that sells services and products to banks and payment providers. One of those products is ODL (on demand liquidity) which uses XRP to facilitate cross border payments as a settlement layer. Ripple used to control the majority of the validators on the network but has worked hard to decentralize the network and now control about 5% of the network. They do sell XRP to fund some of the firms Operations and this is where some have issues. My take on it, as an XRP holder, is that I like that my interests are aligned with Ripple in that we both want to see the value of XRP increase. At the same time Ripple CANNOT ever create more XRP on the network and do not have access to sell more than 1 % of the supply during a single month. Ripple placed their XRP in an escrow account which releases 1% of the supply each month for sale. Typically only 150-250MM of the 1 Billion XRP are sold and the remaining go back into escrow at the back of the line. People hate on XRP because they don't really understand the relationship between Ripple and XRP and also because its very different from BTC. I've found that most who take the time to learn the details of the system and the problem which its uniquely capable of solving get excited about its potential. This website offers facts which dispel many of the misunderstandings. I do not work for Ripple or any of Ripples partners or affiliates. I'm just an excited XRP holder and have been for years. I also hold BTC and VET. The future is bright! https://fudbingo.com
  • VS
    Volodymyr S.
    15 December 2020 @ 02:53
    hi everybody! I am new here. Please tell me where to start and what to learn how to invest in crypto and bitcoin?
    • SS
      Steve S.
      15 December 2020 @ 06:20
      You found it lol. Real Vision are killing it with these incredible conversations. Also a beginner podcast called And crypto for all.
    • sc
      sung c.
      15 December 2020 @ 18:23
      Read, Study, Read more, Study more, hold nose and buy some Bitcoin now, save extra for any price corrections, don't let market scare you out.
    • VA
      Vladimir A.
      20 December 2020 @ 02:50
      1) Buy now an amount that wouldn't impact your life if you lost it. 2) Learn about Bitcoin. 3) Buy more if you're comfortable with it. 4) Check back in 3 years and cash in.
  • TN
    Tim N.
    14 December 2020 @ 10:16
    Great discussion. I note that Raoul got trolled by the Maxi' s on Twitter due to his views. The Maxi's wet dream is a Mad Max scenario without any central authority where the Maxis will be fighting each other to the death in the Thunderdome for bitcoins. Wouldn't give these guys much of a chance in that scenario. Ultimately we need bitcoin coopted sensibly into the regulatory framework which will inhibit central bank and treasury excess and allow us plebs to preserve our wealth.
    • TL
      Tom L.
      14 December 2020 @ 21:02
      They all mock Schiff for being blinded by Gold, yet they fail to see that they have fallen down the same hole.
    • CH
      Crag H.
      14 December 2020 @ 21:03
      He gets trolled because he (and all other macro investors in this space) don't understand the fundamental technology behind this movement. They will obviously diversify their bags because that's what they've been trained to do. Technologists however understand that Bitcoin is an internet protocol and should therefore be designed as such. A lightweight base layer which provides the core functionality while layer on top can add extra features if needed. When you realize this you soon conclude that altcoins are just a phase until the layered model have been fully fleshed out. In terms of regulations: Regulators were forced to adapt to the internet and they're going to be forced to adapt to Bitcoin as well. It's important that the base layer (the technology itself) is protected from this and is kept an open, public good just as the internet. However, that's not saying none of the corporate actors in this space should be regulated or that people should be allowed to avoid their taxes.
    • PB
      PHILLIP B.
      15 December 2020 @ 01:51
      We do need bitcoin co-opted sensibly into the regulatory framework.
    • AK
      Ado K.
      15 December 2020 @ 09:30
      I Love you Tim, you are the clearest sign that we are in a bull market. Buddy here is a tip, Raoul spoke about DeFi. There are some real gems for you there, Ampleforth, Yam, Aave, Kyber. Brother these things are the future, I would even go long with leverage into them. Do not invest in Bitcoin, it is so 2017. DeFi is the shit now. It is definitely not a yam, it is all obviously decentralized, and you will not get exit yammed, nobody ever does.
    • TP
      Timothy P.
      15 December 2020 @ 22:05
      @Tim N -- listen to Crag H -- he knows what he's talking about. The very fact you subscribe to Vitalik's "Bitcoin Maximalist" slur tells me you haven't thought very critically about the crypto space as a whole. Be careful, you can lose every dime you own if you pump it into a crap project. As for Bitcoin being "co-opted", you misunderstand -- the legacy system needs Bitcoin, because they're becoming obsolete.
    • VA
      Vladimir A.
      20 December 2020 @ 01:40
      @ Craig: Well said. You make a good point at the end about people paying their taxes. My guess is most folks in the space are not or are under reporting taxes due. If you hodl, then no tax due, but I'm also guessing that some profits have been taken along the way to $20K+.
  • KS
    Kevin S.
    20 December 2020 @ 00:09
    After this interview I did some research on Polkadot (DOT) and it sounds like an interesting concept. Would love to see an interview with the Web3 foundation to have them talk about what DOT is being used for today, future uses, and how they think DOT will compare to ETH 2.0 (both proof of stake concepts). Overall a really great interview.
  • MO
    Matthias O.
    17 December 2020 @ 21:06
    *buys Polkadot*
    • KS
      Kevin S.
      20 December 2020 @ 00:06
      Literally did the same thing after doing some research today so I understood what DOT is.
  • ns
    nikolay s.
    16 December 2020 @ 06:07
    Etherium and Bitcoin are only 2 legit Currencies, and ETH does not have hard cap
    • TG
      Tom G.
      18 December 2020 @ 13:18
      ETH will eventually after an upcoming upgrade that adds fee burn
  • sc
    sung c.
    15 December 2020 @ 18:26
    The reason I cannot get behind XRP is because Ripple can produce as many XRP as they want whenever they want. Look at how many XRP is in the marketplace now compared to even during 2016.
    • FI
      Fahim I.
      18 December 2020 @ 12:25
      No, they cannot produce anymore than exist today. You're mistaken.
  • IO
    Indi O.
    14 December 2020 @ 23:55
    I'm always puzzled when people talk about XRP when talking about the projects of Ripple Labs. I've yet to see any evidence of anyone using XRP, even when they use the protocol created by Jed McCaleb (currently of Stellar Lumens) that is being promoted by Ripple Labs for cross-border remittances. I saw Raoul's interview on XRP and heard him ask about this, but the guest answered a different question and the interview moved on from there. In this interview the topic wasn't even broached. I get the use case for the protocol. In fact, SL is actually fulfilling the need in a bottom up approach (in contrast with the more top down application of the tech for RL). There are numerous projects in use in Asia, Africa and Latin America that everyday people are using now for virtually free remittances. Vibrant is a good project to look at in Argentina, for example. And XLM is actually needed to make it work. Some must be held in each wallet before it can be used and a little gets burned with every transactions. So far every case I know of Ripple Labs being used, they use it without XRP. Even Moneygram, which is partly owned by Ripple Labs, has publicly stated that they sell the XRP RL gives them and use the cash they get instead of using the coin to get that slight discount rate. I forget the details, but someone more familiar with compliance issues could probably fill it in. Something about an unacceptable chain of custody risk in flipping to a cryptocurrency in the midst of the transaction, the way xRapid would work. (Instead they use xCurrent which never requires the use of XRP). The only knowledge I have of anything anywhere actually use the coin is the new Flare Spark project that will be launching in May. That will provide a DEFI layer on top of XRP and in a manner that does in fact create demand for the coin. I'm not a hater of any of these coins. I've bought all of the ones I've mentioned at one point or another. I'm particularly deep in Polkadot (and its test-chain, Kusama). But this just seems like such a make or break point for the value of XRP that remains an open question.
    • AF
      Alan F.
      15 December 2020 @ 02:19
      Indi, Jed was definitely not the sole creator of XRP. He was an important part of the early team but lets give at least equal credit to David Schwartz and Arthur Britto. And of course all of it was really Ryan Fuggers idea originally. Beyond Jed using a similar consensus mechanism there's really not much to compare XLM to XRP with. Ripple are hugely instrumental in building the infrastructure layer (Interledger Protocol) and allowing digital assets of all flavors to be utilized at scale. They are doing this because they know that XRP is the best choice given its the most liquid option with by far the best technical fundamentals. Look at the average daily trading volumes of XRP vs XLM, its currently 14x higher in XRP and XRP has recently been showing equal or greater volumes than ETH. Look for this to increase. You are currently seeing ODL volumes slowly increase from the large drop-off earlier in the year when they made the decision to move away from treasury Ops over to real time payments. A lack of regulatory clarity has certainly postponed many Ripple customers from using XRP in their flows however the hypothesis has been proven functional with Moneygram. The challenge in scaling this is building the necessary liquidity in the most illiquid corridors around the world, this is where XRP really shines in value. The flywheel is in motion and its much more complicated than flipping a switch. But it works! And once this use case expands it will allow larger and more lucrative use cases to emerge such as being the grease in the wheel for the FX markets! There are many different paths to success and widespread utility with XRP. I don't know Jed personally but reading through his past in what's available online leaves one with more questions than answers.
    • IO
      Indi O.
      17 December 2020 @ 18:30
      Alan F. where are you getting that there is more activity on XRP than XLM chains? When I look at their explorers today I actually see about the same volume in both payment transactions and exchange. The former is running at about 1 million for both and the latter just under 100k for both. I'll admit that I'm surprised to see even that much for XRP, but certainly it is not 14x. Or are you just talking about speculation, not use of the coin? I'm talking about coin utility. I will definitely grant that there is far more daily speculation around XRP than XLM! It's the connection between that perceived value and realized utility that I'm questioning. All the same, the explorers do show that they have roughly the same usage right now, so even though I can't identify where or why that's happening for XRP, I can accept that someone must be using it.
  • TP
    Timothy P.
    15 December 2020 @ 21:18
    Here we go again. RV faithful, those that don't want to hear the truth - skip this post if you're easily offended by contrary thinking. Marketcap - Please, who do I need to shake by the goddamn shoulders so RV stops using "Marketcap" for comparison of crypto assets? Do you realize how utterly ridiculous that is? Do you understand the huge variation in issuance of different crypto assets makes this comparison void and null? Realized Marketcap - a metric pioneered by IntoTheBlock makes a lot more sense, but no one in RV land seems to know about it. Altcoin Worship - RV, realize that you are going through your crypto 'noob' phase. This means that you haven't been subjected to all the schemes, true ponzis, hucksters and other flim-flam artists that have come to the oasis of digital asset yields to drink the same water, and steal yours while they're at it. For now, Raoul is enamored by XRP. Its much like when I started my drinking career, I thought the worst of the worst lager in the world was king. It isn't. As you expand your horizons you find that tipping back MadDog 20/20 isn't going to cut it anymore. We really wish RV would get their act together and realize the same thing. It isn't "tribalism" or any other 2020 NeuSpeak terminology, its hard-won experience that makes us critical of "new" projects. Because quite frankly, paraphrasing Sturgeon, 90%+ are absolute crap. They are constructed for one purpose, to separate you from your money. If that isn't enough, please feast your eyes on this chart -- https://i.postimg.cc/vZDmBwYp/Coin-Metrics-Rolling-Drawdown-2010to2020.png The rolling drawdown doesn't lie. It shows what we've been saying, that most altcoins are very aptly named shitcoins for a reason. Their performance is miserable. Altcoin Trading - At one point Mr Morehead says something about low notional traded coins being better - and honestly I had to stop in my tracks. Does Dan realize that picking up pennies in front of the steamroller is a bad longer-term strategy? Sure, I could go crazy and trade "pink sheet" OTC stocks and make some money, but why on earth would I make it a strategy? Is he that starved for "alpha" that he has to go slumming in the shitcoin basement? Mind boggling. And finally - as I've had to say many times - Proof-of-Work energy is NOT wasted. Dan doesn't seem to understand that network security is not a free lunch. You can't just pivot over to Proof-of-Stake and enjoy the same amount of network security. I'd say more, but I know the market is a great equalizer -- so go ahead Dan, pump money into these altcoins and get back to me in a year. That is, if you're still solvent.
    • MW
      Mathew W.
      16 December 2020 @ 01:22
      I agree on most points e.g. XRP why would you use it? There is better tech that is faster and cheaper and that BTC is King and it will be for the foreseeable future. Your Rolling drawdown chart says very little to be fair and the swings in the BTC % over the last 10 years is massive just like alts, if you were to do a snapshot at the right time the -3% would be -95% so the charts say very little and could be used to argue a price recovery will happen in this bull market and as a result greater % gains. I agree that POW is not waste but POS is more efficient and its security will be tested. Remember BTC POS was hacked and millions of BTC were printed it took a rollback and a patch to remedy the problem so POS is not full proof and taking that hack into consideration POS for ETH2.0 and ADA have a better track record although it is early days. POS will be a thing I think even for BTC eventually but I may be wrong. Currently, the narrative is BTC to the moon but its most used layer 2 is ETH at the moment and if ETH2.0 burns ETH to run transactions in peek time then negative inflation will happen on that chain.... Either way, the liquidity in the system and atomic swaps will mean if there becomes a more dominant player in the market then the market will change quickly, in the same way that people in 2017 dumped alts quickly for BTC. People change their minds as information changes and the current network effect of BTC makes it King but that can change and if you want to preserve or grow that $$ value then best to have some diversity.
    • TP
      Timothy P.
      16 December 2020 @ 03:20
      @Matthew - what price recovery. That is what the chart represents, and most shitcoins don't recover. Ever. You don't understand the difference between Proof-of-Work and Proof-of-Stake. If you did, you wouldn't make assertions PoS is better. BTC never used PoS. As for the issuance bug, yes, way back in 2009 there was a problem Satoshi caught and fixed within the hour it happened. Since no one was using it at the time, it wasn't impactful and no one cared. How that's relevant makes no sense anyway. As for ETH, you don't understand its failings so it would be useless to repeat them all here. If you think "diversification" works in crypto, then you've been sold a bill of goods from the legacy investment fools that think "marketcap" is a valid comparison metric. Format your stuff a bit better, your solid run-on paragraph was a pain to parse.
    • TP
      Timothy P.
      16 December 2020 @ 14:43
      As a funny aside, remember Nexus Mutual? The CEO just got hacked for millions -- https://www.coindesk.com/ceo-of-defi-insurer-nexus-mutual-hacked-for-8m-in-nxm-tokens But don't worry, I'm sure they'll totally be a safe counterparty for your money. lol.
  • MC
    Matt C.
    16 December 2020 @ 02:15
    Name the one project that has the most backing from Fortune 500, the most enterprise credentials, and the most network usage, but NO ONE talks about. The buy that project. Look toward the letter H.
    • RR
      Robert R.
      16 December 2020 @ 10:49
      Totally agree, I would like to see more discussion on Blockchain vs DLT. Hedera Hashgraph is my bet in terms of outperformance over the next 12 months. Real Vision should interview the founders if we want to broaden our horizons.
  • HS
    Hamish S.
    16 December 2020 @ 05:20
    The way the sunbeam moves back and forth behind Dan's shoulder. He really has a nice super yacht!
  • AR
    Andrew R.
    16 December 2020 @ 05:04
    I see Raoul and Dan smash that thumbs up!
  • CF
    Christian F.
    14 December 2020 @ 16:01
    How ADA (Cardano) has not been a feature in any video is astonishing. Has been a leader in Github commits for months and months.
    • AK
      Ado K.
      15 December 2020 @ 09:33
      Caradano is pure shit, stop trying to pump your own bags, it just looks so pathetic.
    • CF
      Christian F.
      15 December 2020 @ 09:58
      "Pure shit". Im putting in a calendar note now for 1 years time and to check in on you with that well thought out insite.
    • dw
      douglas w.
      16 December 2020 @ 04:36
      RV has had Charles on before, I think you can watch it in the archives. Probably will be back after Goguen is released.
  • NL
    Nikola L.
    16 December 2020 @ 04:28
    Polkadot. I like that.
  • dw
    douglas w.
    15 December 2020 @ 23:17
    Thanks to RV for bringing Dan back on. Super unique views on the space. He spoke of PolkaDot as an upcoming disruptor to the space, I concur with his view, however the community and network effect is also extremely robust with Cardano. As they release smart contract implementation through Goguen which is set for early 2021. I see them potentially taking much of the spotlight away from Polka Dot and Ethereum. As we will see users of those platforms happily migrate to ADA's ecosystem for ease of use and reduced costs. Maybe it is time to bring Cardano's CEO, Charles Hoskinson, back on the platform. He is a former original developer of Ethereum, and has a unique view on product development. Cardano is the only crypto asset to utilize Haskell language (software code used w/NASA and military projects) and has produced hundreds of peer review articles from a global team of University Professors, and computer engineers world wide, to substantiate the efficacy of its digital ecosystem. He has taken the time to build a dynamic, scalable, digital blockchain network that may prove to be the most comprehensive and user friendly for mass adoption. Finally, his focus and strong partnership with the Ethiopian government will spill into neighboring Kenya, Ghana, Uganda, and Rwanda. There was a reason that Jack Dorsey made recent pilgrimage to Africa, everyone knows the key to unlocking 300 million people into a digital financial system will make for tremendous explosive capital growth in the coming decades and Cardano is miles ahead of its competitors in this perspective.
    • KB
      Kirk B.
      16 December 2020 @ 01:14
      I agree with your observations regarding the lack of reference to Cardona, which has been methodically building a robust network. While Dan Morehead always provides useful insights into cryptocurrency markets, he does appear to promote those projects in which Pantera is invested. I recall an interview in the past when he didn't mention ETH, but identified ETC as one of his favorite projects, when it seemed clear that ETH had eclipsed ETC after the ETH/ETC hard fork. Interestingly, Dan did mention in the interview that Pantera has been invested in Polkadot for many years. Hmm.
  • CH
    Charlie H.
    15 December 2020 @ 21:39
    Bitcoin vs. Altcoins - My Take Bitcoin will do well in scenarios where gold does well and/or the crypto space at large does well. It's use case is well defined and there aren't any challengers in crypto now for that use case. Altcoins may have more upside but it is tougher to hold longer term because they rotate between each other based on utility and perception. Altcoins are like tech stocks/platforms - need that utility to take hold and gain adoption. May be good for swing trading momentum specific alts. Bitcoin has enough beta for me that I rather have almost all if not all my crypto allocation in Bitcoin.
  • PU
    Peter U.
    14 December 2020 @ 12:09
    The problem with their supply / demand price discussion and the lack of supply and the increase in demand is that neither one addresses the most important point . . . . approx 93% of all bitcoin is held in the hands of less than 10 people / entities. So supply can be "provide" at anytime from this small group. In trading we look a the dom or the list of buyers and the list of sellers at various price points up and down the current bid / ask spread. Bitcoin is not a deep market because supply is "controlled" more so by the "whales" who control a disproportionate amount of bitcoins. In essence the whales have "cornered" the market by "getting there first" and now price is just bid up as everyone wants the black tulip. I am a bitcoin fan but I don't like the market structure and nobody really cares to completely address this point when they discuss the supply and demand dynamics that "clearly favor higher price" . . . .UNTIL THE WHALES UNLOAD!
    • PU
      Peter U.
      14 December 2020 @ 12:30
      just finished the entire video . . . sounded a bit too much like talking ones book from both sides as nothing was discussed other than the bullish side bitcoin. . . sounds like nothing can or will go wrong, so buy and hold, don't trade and don't worry be happy.
    • BM
      Brian M.
      14 December 2020 @ 13:11
      Do you have any data on this?
    • JV
      Jerry V.
      14 December 2020 @ 13:15
      Peter, you bring up a great point - especially when you factor in that at least 2 of those 10 ( people/entitles/wallets) haven't had any activity since 2010. It will be interesting to follow this story through the next couple of years. Pura Vida
    • AH
      Andreas H.
      14 December 2020 @ 13:58
      The inflation trade can be put on with a lot of instruments besides bitcoin, so it might be a nice 1-2% position, but do not bet the house on it, also bc. it does not work as a hedge, diversifyer at all. Bitcoin trades like a comodity, round bottoms and spiky tops...
    • JF
      Joachim F.
      14 December 2020 @ 14:43
      'approx 93% of all bitcoin is held in the hands of less than 10 people / entities' Where is your data coming from? Please check https://bitinfocharts.com/top-100-richest-bitcoin-addresses.html -> The top 106 'richest addresses' hold 13.69% of all coins.
    • BW
      Brett W.
      14 December 2020 @ 16:03
      Sorry but this is just wrong. They may be too bullish and biased but you are equally biased in the opposite direction. The truth is in the middle.
    • LH
      Luke H.
      14 December 2020 @ 16:35
      "approx 93% of all bitcoin is held in the hands of less than 10 people / entities" - this is utter nonsense. supply a source, but you can't because there isn't one.
    • AP
      Alex P.
      14 December 2020 @ 17:20
      Luke, Craig Wright alone probably has about 1 to 3 million BTC. The BTC "core group" of developers have quite a bit themselves and obviously the few large mining entities, not to mention very few random early techcys. BTC is a pump and dump scam and it does not take a sophisticated investor to realize this. I propose another question for you gents. What do you all think will happen to miners after the block subsidy is halved, let's say two more times, and the price of BTC remains stagnant if not decreased by whales dumping or institutional heavy hitters selling off positions because they are not hodlers? My personal belief is that if miners are to survive their business model has to change to transaction processing or they are out. The network cannot survive on randomly scattered raspberry pis. Now the issue with BTC is that their tech will not be able to handle this requirement. A Peer-to-peer electronic cash that the entire world can transact and utilize for the tokenization of everything that's what we need and what will flourish. I encourage everyone to look at this link to the 13th Anniversary Global Family Office Investment Summit in Dubai. Make sure to pull up the PDF and review the companies involved. You'll be surprised. https://www.ritossafamilysummits.com/dubai
    • LS
      Lemony S.
      14 December 2020 @ 18:34
      Alejandro, you may or may not be right but I found it interesting (and I like counter points) that you couldn't provide a source that Luke questioned or desired. Telling.
    • AP
      Alex P.
      14 December 2020 @ 20:23
      L S, If the only thing you extracted from my comment was the lack of proof about the distribution of BTC holdings then I don't know how else to lead you to the watering hole I found other than this. The history of bitcoin requires a very deep dive in order to fully understand most of what is going on beyond what the Max Keiser's of the world are trying to tell you. As for my statement about Craig Wright, it is well documented in an ongoing court case that Ira Kleinman (Dave Kleinman's brother) is suing CW for part of the "Tulip Trust" which supposedly holds over 1M BTC (it is only speculated but CW probably, if not definitely, has more in his possession). The remaining distributions ultimately are speculation on my part from what I gathered in my research. Tom Lee of Fundstrat did recently state on RV that the "crypto community" currently only has about 500k to 1M people involved in it. With that being said, most of the accumulation of BTC was definitely done early on. The number of people that knew about BTC then was SUBSTANTIALLY less than what it is today, emphasis on substantially. Read this article written by a reputable source that has been near and dear to the controversy of BTC, BCH, and now BSV camps. https://coingeek.com/the-war-on-bitcoin/
    • TL
      Tom L.
      14 December 2020 @ 21:01
      your claim of 93% is a bit far fetched. "For folks pointing out how concentrated Bitcoin ownership is, keep in mind that the stock market is nearly as concentrated, despite being >100x bigger. The top 1% own 52% of stocks, and the top 10% (incl top 1%) own 88%. The other 90% of people pick at the remaining 12%." https://twitter.com/lynaldencontact/status/1329547034886627329
    • PB
      PHILLIP B.
      15 December 2020 @ 01:51
      How you do you know this: "approx 93% of all bitcoin is held in the hands of less than 10 people / entities"?
    • JR
      Jan R.
      15 December 2020 @ 10:59
      Interesting discussion. Alex P. mentioned this article : https://coingeek.com/the-war-on-bitcoin/. Bitcoin SV seems to know who Satoshi Nakamoto is? "Bitcoin is a peer to peer electronic cash system created by Dr. Craig Wright under the pseudonym Satoshi Nakamoto." (https://wiki.bitcoinsv.io/index.php/Main_Page). Certainly an interesting discussion about BTC, BCH and BSV.
    • GF
      George F.
      15 December 2020 @ 18:39
      @Peter & @Alex, even if your assumption of BTC being in the hands of very few now was correct, can you please provide an example of how this is any different than a startup that goes through a series A, B, C, D and then goes public? Early adopters and believers in a new product/technology ALWAYS have a heavy hand in the beginning. They always make a lot of money for their risk. That's capitalism. As prices go up, early investors sell to new investors. Your suggestion makes bitcoin and every other publicly traded company on earth a pump and dump scheme. Bitcoin is not going up simply because people are hyping it. It's going up because just like a great startup, people are beginning to see its business value/use case in society and want to be a part of it. If you're not there yet, that's ok. None of us were, to begin with, but after some good homework, it becomes abundantly clear that BTC has pretty interesting use cases that the world may want in the coming years. Therefore, like any company with the same attributes, I'm going to try and buy a little piece and go along for the ride. I have no problem at all with early adopters that are sitting on hundreds of millions. Good for them. That doesn't make something bad. I wouldn't be surprised if the majority of RV subscribers are between .01-10 BTC, including myself and we will all do more than ok over the coming decade. There's plenty here for everyone to wet their beaks. #HODL
  • TT
    Topi T.
    14 December 2020 @ 16:14
    Dan is extremely biased on his views here, pre-ICO allocations and all. Nothing new in this space, the same stuff that happened in 2017. Pretty sad to see Realvision going this low to be honest, first from being vocal about bitcoin being the most pristine asset of them all-- to "buy my sh**coins and tokens X,Y and Z". Unbelievable.
    • LS
      Lemony S.
      14 December 2020 @ 18:30
      It was funny to see that Ammous guy's twitter exchange recently about this ... twitter wars lol
    • CH
      Crag H.
      14 December 2020 @ 21:40
      They're investors who simply see an opportunity in this space as a whole. They don't really understand it however and will therefore never make a single bet. Plus, they've been trained to diversify. So one should not come to these guys (Raoul, Yusko, Dan & Dan, Tudor Jones etc etc) looking for answers. They're not the smart money here. Look at what technologists like Jack Dorsey does instead. Or guys like Nic Carter who in my mind is the best commentator in this space. Hands down.
    • CH
      Crag H.
      14 December 2020 @ 21:44
      Correction: They probably are the smart money now when I come to think about it. They're early. Just meant that they're not the ones who truly understand the nitty gritty in this space.
    • JB
      Josh B.
      15 December 2020 @ 15:50
      At one point in time Bitcoin was a "s#it coin" b/c no one knew about it and just what an impact it would make. Keep an open mind that there will other projects that will have amazing use cases. True there are crap projects out there but there are also projects that will change the world as we know it.
  • CF
    Christian F.
    14 December 2020 @ 16:07
    polkadot ripping off ADA..... https://www.youtube.com/watch?app=desktop&v=oAXjhGI5WKs&feature=youtu.be&fbclid=IwAR2Z2M-KdDSfwTsnjzAQ6qJXbySROLWcdf2HQrAduLRT6INRlAW6_LRuRrg&ab_channel=TheCryptoviser
    • Dt
      David t.
      15 December 2020 @ 12:49
      lol you clearly don't have an understanding of blockchain tech. Polkadot and Substrate are an entirely different architecture. DOT is lightyears ahead of Cardano and that's the reason why DO Thas the biggest developer community next to ETH, which is impressive seen it's one of the youngest L1's
  • BS
    Benjamin S.
    15 December 2020 @ 03:37
    These discussions are useful, but one cannot forget how bullish Pantera was back in 2018 on protocols like Icon (ICX). At one point saying it was his " single biggest position" (Bloomberg Apr27, 2018). Down 90% since then. The same may be true now with his Polkadot recommendation. It's not to say that DOT is not worth a look, just carefully consider the source of the recommendation.
    • CK
      Chris K.
      15 December 2020 @ 07:16
      Predicting the future is hard
    • Dt
      David t.
      15 December 2020 @ 12:48
      well, I'm very confident his Polkadot call will be right. There's a reason why it is in instand top 10 entry. Polkadot is leapfroggig the entire L1 space
  • SB
    Shawn B.
    15 December 2020 @ 03:47
    I think Raoul missed the point many are making with regards to regulation. Most are not against regulation for large institutions who use exchanges, custodial banks or OTC desks; that's fine. But what they're doing is trying to regulate self custody wallets that people use for daily transactions or peer to peer exchanges. This is what we are fighting against. It is total government overreach, but they will use Terrorism to try and surveil everyone
    • PU
      Peter U.
      15 December 2020 @ 10:37
      That is correct. US Treasury is in the process of making it illegal to custody your own wallet.
  • MD
    Mike D.
    15 December 2020 @ 09:32
    XRP is a cross border payment system, however it is not peer to peer, it is a private blockchain, intended for interbank payments. This is not a public blockchain for peer to peer transactions that the cypherpunks fostered, and as such is of no interest to anarcocapitalists, and libertarians etc. XRP has recently described as toxic waste, all 100,000,000,000 of it (para Ryan Selkis). "Ripple is safer than Bitcoin because not everyone can become a node on the network. Its network is private and you need permission to become a part of it." (Mayank Sahu) So how did asking for permission in congress, for Libra work out for Mark Zuckerberg? When we come to regulation, how can centralized systems of governance govern decentralized networks, without making them defacto centralized? Code is law in decentralized networks. If I buy something in a country with my crypto (a taxable event) converted into local currency, and pay sales tax like everyone using that nations currency would, isn't that paying taxes, or do they still want more? Craig H asked, what are the benefits of LTC, When there is congestion on the BTC network, it can take days to get confirmations, as miners prioritize the highest transaction fees from the mempool, LTC has low transaction fees, and is relatively fast LTC is implementing mimblewimble, a privacy feature LTC, is building a sidechain for interoperability with the Cardano network for smart contract capability, as such I believe that LTC will be one of the coins that will be around for many years to come. Having a long established chain, shows proven reliability, something investors value.
  • AK
    Ado K.
    15 December 2020 @ 09:14
    Dan just to be a guy of high character, kind of sad to see him promoting xrp these days. If you think that Ripple is doing great in cross border payments (which they are not), just buy stock in the company Ripple. The Xrp token is completely useless, and it was clearly a unregulated security (they even named it Ripple from the start.) But in the good old US and A these days your legal liability is merely a function of what law firms you have the financial capacity to hire. This Blochchain not Bitcoin narrative has grown strong in 2020. I would just urge everyone to take a step back and ask themselves why decentralization is crucial for a blockchain to have any porpoise at all.
  • AF
    Alan F.
    15 December 2020 @ 02:22
    @Raoul thank you for rolling out some wonderful content! I would LOVE for you and the team to get David Chaum on to discuss his background as well as Elixxir and XX Coin. It would have been great to get Dan's take on it as it seems like a really important project and David is a legend in the space. From my point of view its really the only project which has the features and technical capabilities to truly be capable of supplanting FIAT currency. Take a deeper dive on it!
  • GG
    Guillermo G.
    15 December 2020 @ 01:56
    Can we get an honest breakdown of cardano vs polkadot.
  • RC
    RUBEN C.
    14 December 2020 @ 14:48
    I have found Dan very biased on his views. I do not think he analyses properly the current and incoming macroeconomic outlook in the next few months, and how that is going to affect the current bull market.
    • AP
      Alex P.
      14 December 2020 @ 16:07
      Definitely does not. Very biased.
    • LS
      Lemony S.
      14 December 2020 @ 18:31
      Ok, what will happen?
    • JS
      Jim S.
      14 December 2020 @ 23:39
      Of course he is biased, Raoul was asking his “opinion”. That’s what an opinion is...
  • DC
    Dale C.
    14 December 2020 @ 20:57
    Great episode. Like Dan, I've been in this space since 2013. Huge point if his on XRP, "Currently, blockchain enabled cross-border money movement from the United States to Mexico is getting close to 10% of all of that, very important, 25 billion out of remittance quarter. That is a huge success for an industry use case that that is really making people's lives better." A ripple effect? Certainly a good discussion would be how crypto is going over in South America. I can offer one example, less VZ and AR. A friend of mine traveled extensively throughout, says at the street level, which is a huge % of population, it's cash only in many areas. He did not see any evidence of crypto adoption at least on the retail scope, until prices stabilize. If you pay $40 for groceries with XYZ crypto this week and the price moves +/- 18% in the next, someone loses. Certainly Central and South America are not the hotbed of digital finance, Asia is. Still, a huge cash marketplace there too. Would like to see a discussion on Litecoin $LTC as well - the Silver to Bitcoins Gold? Still in the top 10, feels way undervalued at today's roughly $80. Rock solid. Thanks Raoul.
    • CH
      Crag H.
      14 December 2020 @ 21:25
      Can you (or someone else) name one thing that Litecoin does better than Bitcoin? What's the USP of Litecoin that makes it a worthwhile project?
  • KR
    Kyle R.
    14 December 2020 @ 20:46
    Great interview! Keep em coming.
  • JC
    John C.
    14 December 2020 @ 20:30
    Ooooooo-eeeee polkadot call will stir the pot, kick it over, and beat it with a baseball bat...