Monday Breaking News: Pantera Capital’s CEO Gives 2022 Altcoin Outlook
Last edited: Jan 3, 2022
In an interview with CNBC on the segment of “Crypto Night in America,” Dan Morehead, the CEO of Pantera Capital, which is an investment firm focused purely on digital investing, gives his insights into what are the most promising altcoins in terms of growth in 2022.
“I think we’re all coming to the conclusion that there won’t be just one blockchain in the future. There will be, you know, 10 or 20 very important blockchains, and so, Polkadot will help you move value from one to the other. Their first DeFi protocol is going live in Q1 (2022), so we’re very excited about that.”
He further makes reference on the DOT acquisition news that came out last week. German telecom giant Deutsche Telekom decided to acquire an undisclosed amount of DOT tokens, and in exchange, T-Systems MMS (MultiMedia Solutions), a subsidiary of Deutsche Telekom, will be building and supporting its infrastructure on the Polkadot public blockchain network as a validator. This gives Polkadot the needed momentum to continue to rise in the ranks of blockchain protocols in terms of valuation in 2022.
Another altcoin Morehead has his eyes on for Pantera Capital’s investment is Terra (LUNA), which is a blockchain protocol that allows algorithmic stablecoins to be built on top of the network. Currently, the third most valuable stablecoin, UST, is built on Terra, and more stablecoins could be created in the future on the protocol.
When discussing the potential of Terra, Morehead states that LUNA is “growing at a very very rapid rate. We think it’s one of the most promising coins for the coming year. So many people are just discovering it and just starting to trade it. It has a $31 billion market cap, so it still has plenty of room it can grow.”
In addition, Morehead also mentions that Terra could rise to dominance partly through a boost from the South Korean gaming market, which is one of the most important regional markets for the crypto industry. By gaining traction within the South Korean gaming market, Terra reaches and retains a large userbase previously unattainable, and could lead to a much broader use case for Terra outside of purely a network for stablecoins.
Currently, investors are yet to be able to trade LUNA contracts on BTCC. However, DOT weekly contracts are available for any users who sign up to the BTCC trading platform. Given this optimistic outlook on DOT, investors should keep an eye on how DOT’s price will be swinging, both short-term and long-term.