The Future of Crypto Investment (w/Dan Morehead & Joey Krug)

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Dan Morehead and Joey Krug of the blockchain investment fund Pantera Capital sit down with Michael Green of Thiel Macro. The group explores the current state of cryptocurrency, blockchain technology, and the current investment environment. In addition, Morehead and Krug look ahead to the future of distributed ledger technology to explore how smart contracts will create value for users and investors by reducing transaction costs and eliminating middlemen. Filmed on May 22, 2018 in San Francisco.

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The Future of Crypto Investment (w/Dan Morehead & Joey Krug)

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DM: I’m glad you said that. Because very few people go before 1992 when they do
their internet analog. And if you think about it, ARPANET was around from the 70s
and only 1% of the world used it in 1992. They created a browser, made it easy for
the rest of us. And then exploded into use, right? And I think that’s the way Bitcoin is
right now. There’s a couple percent of the world that use it. So it is potentially the 80s
internet rather than the, is it ’95 versus ’99 argument. And again, there, I had a
fascinating debate on CNN with an academic who is a very rare breed of an animal–
a super negative academic on Bitcoin– and had written a paper, R.I.P, Bitcoin. It’s
Time to Move On. It’s failed. It’s And the story there is the article was
written when it was at $400. And now it’s at $9,000. So you’re really missing this
massive asymmetry in the leverage.
DM: And then again, to call it is really forgetting who was the majority
investor in It was a guy who saw a very disruptive technology, wanted to
invest in a lot of different ways to use this disruptive technology. One was selling pet
food on the internet. Didn’t work. The other one was selling books on the internet. It
worked. And so, that’s they way people should view Bitcoin, Ethereum, XRP. Not all
of them are probably going to work. But if you have a portfolio of them and it’s as
disruptive as we believe, the portfolio would do quite well.
MG: Well, I think we can actually name that individual. Jeff Bezos. And not the
founder of Barnes & Noble. So I agree with that, that people need to think about it
from a portfolio perspective. There is this interesting question about, we’ve been
doing it– and the analogy, in terms of time horizon, also helps to address what
people are pushing back on. One of the rallying cries for those who are super
bearish crypto assets is, we’re 10 years in, and there’s not a use case yet. All right.
Well, as somebody who grew up in Silicon Valley, there was no use case for the time
that I spent banging away on a Trash80. It was a total waste of my time as my father
was very happy to remind me. But it ultimately grew into something that was totally
unrelated. And RadioShack is now bankrupt under Tandy Corp, as it was back then.
But it’s something that we use every single day. And again, crypto seems difficult to
look at and think that it’s not going to be a feature of the universe, whether it’s Bitcoin
or Bitcoin Cash or smart contracts in the form of Ethereum. These all seem like things
that are absolutely destined to happen.

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