In a new CNBC interview, Pantera Capital CEO Dan Morehead says that despite the volatility and crises in Bitcoin (BTC) and Ethereum (ETH), billions of new users will enter the market in the long run and traditional finance will be a thing of the past. According to the expert, just like in the early stages of the internet, once cryptocurrencies go through their infancy, they will be more adopted.

Dan Morehead, CEO of Pantera

Cryptocurrencies will make big changes in our lives financially in the coming years. Morehead stated that the current bear market is taking longer than expected, but eventually the bull run is inevitable. The executive also believes that blockchain technology will revolutionize the world and be adopted by almost every institution. Today, hundreds of millions of people use blockchain. According to the manager, in four or five years there will be literally billions of people.

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According to Morehead, the secret of the success of a system is the balance of supply and demand. The adoption of this technology by the world's leading companies sheds light on everyone. Morehead, who manages nearly $4.5 billion in assets under management, thinks that besides Bitcoin and Ethereum, some other projects are now ambitious. The number of projects that continue to increase their market value and market share is increasing day by day. Morehead believes projects like Ethereum-based decentralized exchange (DEX) Uniswap (UNI), decentralized application (DApp) platform Near Protocol (NEAR) and DEX aggregator 1inch (1INCH) will make a difference.

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Morehead acknowledges that there are many projects challenging Bitcoin. Claiming that the Merge update will play a big role in this process, the manager states that other altcoin projects are not idle. There are hundreds of really interesting projects and many of them have done well. Statistics reveal the situation. The market share of altcoins other than Bitcoin or Ethereum set a new record of 43% yesterday, averaging 20% ​​over the past five years. While Bitcoin and Ethereum are struggling to survive, there are many more functional projects such as Near Protocol, UniSwap, 1inch. The executive predicts that at some point, cryptocurrencies will end their correlation with financial markets. Due to macroeconomic conditions, stocks and Bitcoin are under heavy selling pressure. And in the next few months, crypto, high correlation could become a thing of the past.