Empire

Phase II of the Bull Market | Dan Morehead

25 snips
Sep 22, 2025
Guest
Dan Morehead
In this engaging discussion, Dan Morehead, Founder of Pantera Capital and an early Bitcoin investor, shares his insights on the crypto landscape. He reflects on his entry into Bitcoin in 2013 and the challenges of early investing. Dan delves into macroeconomic factors influencing crypto markets, the significance of Bitcoin as a reserve asset, and the ongoing four-year cycle. He also champions Solana, citing its user growth and developer ecosystem as key indicators of future success. Dan’s perspective offers a compelling look at what could lie ahead for cryptocurrency.
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ANECDOTE

Early All-In On Bitcoin

  • Dan Morehead recounted discovering Bitcoin in 2011 and going all-in after a five-hour meeting in March 2013.
  • He bought large amounts personally after investors balked and even stored keys mentally when custodians were sparse.
ANECDOTE

Buying Bitcoin When Exchanges Were Fragile

  • Dan described early exchange frictions when Coinbase limited purchases to $50 and later increased his limit slowly.
  • He recalled sending $2 million and waiting days for a human response while markets were tiny and illiquid.
INSIGHT

Bitcoin Is Largely Uncorrelated Long-Term

  • Pantera measured long-term low correlation (0.17) between Bitcoin and the S&P over 13 years.
  • Correlations spike during crises but Bitcoin remains largely a distinct asset class for now.
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