Dan Morehead, CEO, Pantera, stated the potential growth and value of decentralised finance (DeFi), Web3.0 functionality, non-fungible tokens (NFTs) and metaverse-based applications during his opening keynote speech at Token2049 in Singapore, as reported by Cointelegraph.
According to Cointelegraph, attendees met at the Marina Bay Sands Convention Center for the beginning of the two-day conference which consists of speakers from the cryptocurrency and blockchain ecosystem. Pantera, a blockchain-backed investment fund with $4.5 billion in assets under management (AUM), made the point about seeing value in rising cryptocurrency use cases. Morehead drew parallels to the early 2000s when developing technology companies such as Amazon, Apple, Google, among others, and how they started to attract investments post reported dominance by Microsoft in the stock markets.
On the basis of information by Cointelegraph, Morehead emphasised on Bitcoin (BTC) and Ethereum (ETH) controlled investors’ cryptocurrency portfolios for the past decade, and made the argument that new projects and use could result in greater returns on investment. Information provided by Morehead upheld DeFi, Web3.0, NFTs and metaverse projects with regard to having the most potential. Morehead suggested that DeFi’s current command of a $20 billion market capitalisation in comparison to the traditional finance system’s three trillion dollars, which shows area for growth in the sector.
Moreover, Cointelegraph noted that Morehead described Web3.0 as the most inevitable trade witnessed by him, highlighting the ability for current projects’ decentralised versions to give value back to creators and users. Morehead concluded his presentation by stating his belief that the current cryptocurrency market cycle is separate from previous years on the basis of fundamentals, pointing to around 200 million people that utilised blockchain-oriented platforms and cryptocurrencies, which could go up to one billion in the next three years.
(With insights from Cointelegraph)