The Master Investor Podcast with Wilfred Frost Dan Morehead: Crypto - The Most Asymmetric Trade in History
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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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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.
Governments Like Blockchain's Transparency
- Governments generally favour blockchain because it creates an auditable, permanent ledger that hinders crime.
- The U.S. government even seized and now owns about 1% of all Bitcoins, illustrating enforcement use.
ETFs And DATs Expand Access To Crypto
- Bitcoin ETFs opened mainstream access and produced record inflows, accelerating institutional adoption.
- Digital asset treasury companies (DATs) are the next access layer offering active balance-sheet strategies.