The Master Investor Podcast with Wilfred Frost Dan Morehead: Crypto - The Most Asymmetric Trade in History
Oct 14, 2025
Dan Morehead, founder of Pantera Capital and an early Bitcoin investor, shares his bold vision for blockchain as the most transformative investment opportunity of our time. In the conversation, he discusses his remarkable pivot to a crypto-only strategy back in 2013 and elaborates on Bitcoin's role as 'digital gold.' Morehead emphasizes the importance of digital asset treasury companies, explores the long-term potential for institutional adoption, and defends the resilience of blockchain amidst market volatility—a must-listen for crypto enthusiasts!
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Blockchain As The Most Asymmetric Trade
- Dan Morehead argues Bitcoin/blockchain is the most asymmetric trade he's seen because it impacts every asset class and billions of people.
- He sees it as a multi-decade, inevitable transformation likened to the internet's effect on everything else.
Early Immersion Led To Pantera Pivot
- Dan recounts being introduced to Bitcoin in 2011 and spending years immersing himself in the space at Fortress's San Francisco office.
- That early conviction led him to pivot Pantera to crypto in 2013 after intense research and travel.
Finance Will Be Disrupted Like Other Industries
- Blockchain will do to finance what the internet did to other industries, displacing huge incumbents and fees.
- Remittances, banks, and card networks are massive targets for disruption and margin compression.