‘It's All One Trade' — Crypto Bull Run Isn't Done, Says Dan Morehead
‘It's All One Trade' — Crypto Bull Run Isn't Done, Says Dan Morehead
Pantera Capital founder and CEO Dan Morehead argues the core driver of this cycle remains the same “one trade” uniting macro and crypto: fiat debasement pushing capital into scarce, higher-beta assets. In a wide-ranging conversation with Real Vision's Raoul Pal, the pair frame the current rally—and what comes next—through the lens of policy error, structural deficits, sticky inflation, and the slow-rolling migration of institutional and sovereign portfolios into digital assets.
Article Summary
**Crypto Bull Run Continues as Pantera Capital's Dan Morehead Predicts Extended Rally** Pantera Capital CEO Dan Morehead believes the cryptocurrency bull market isn't finished, identifying fiat currency debasement as the primary catalyst driving institutional investment into Bitcoin and digital assets. Speaking with Real Vision's Raoul Pal, Morehead emphasized that the current crypto rally represents "one trade" where macro investors and cryptocurrency enthusiasts are united by the same fundamental thesis. The blockchain pioneer argues that policy errors, persistent structural deficits, and sticky inflation are forcing institutional and sovereign wealth funds to migrate capital into scarce, high-beta assets like Bitcoin. This macroeconomic backdrop creates sustained demand for cryptocurrency investments as traditional fiat currencies face ongoing devaluation pressures. Morehead's bullish cryptocurrency outlook suggests the digital asset space will continue benefiting from monetary policy decisions that weaken traditional currencies. As institutional adoption accelerates and DeFi protocols mature, the convergence of macro trading strategies and cryptocurrency investment appears set to drive further price appreciation across major digital assets, reinforcing Bitcoin's position as a hedge against currency debasement.
