Crypto Hedge Fund Pantera: Bitcoin will Benefit from Libra’s Halo Effect

July 23, 2019 | Digital Assets
https://dailyalts.com/wp-content/uploads/2019/07/libra-4284008_960_720-libra-fb.jpg

Pantera CEO Dan Morehead lauds Facebook’s SDR type strategy to collateralize Libra with the biggest currencies

Crypto Hedge Fund Pantera CEO Dan Morehead said Libra and Bitcoin shared certain core values. Those values are Money, Justice, and Freedom.

These values are likely to provide the substratum for a “movement towards democratized finance,” he said, stressing that financial inclusion via inexpensive and reliable financial services is the “promise of the blockchain.”

Stability via backing of the major currencies

Morehead also pointed out that Facebook drew a page out of the IMF book by backing Libra with the four oldest and most widely used global currencies, namely the U.S. dollar, the British pound, the Euro, and the Japanese yen.

The system would mimic the IMF-sponsored Special Drawing Rights (SDRs). Designers intended SDRs to operate as an international reserve currency. Morehead said that people didn’t use it due to the limitations to transactions.

“Libra is designed to be used,” says Morehead.

According to Morehead this collateralization would also make Libra less volatile, and in the long run, “this could represent something larger — Libra might satisfy the previously-unanswerable complaints about USD hegemony.”

Crypto Hedge Fund Pantera sees Libra boom

Facebook’s global reach via 2.4 billion of its own and WhatsApp users should bolster the core USP of Libra. This could ultimately lead to greater familiarity and adoption for cryptos as a whole.

“We believe that the launch of Libra will have a large net positive effect on Bitcoin and other cryptocurrencies,” says Morehead. “Increased competition will breed the strongest networks that provide real benefits to society. There isn’t one right way to achieve this.”

Free Industry News

Subscribe to our free newsletter for updates and news about alternatives investments.

  • This field is for validation purposes and should be left unchanged.


Shape

Latest Alternative Investment News

https://dailyalts.com/wp-content/uploads/2021/01/iran-78829_640.jpg
Digital Assets: Iran Cracks Down On Illegal Crypto Miners
January 19, 2021     Digital Assets, News

Iran, which is facing severe energy shortages during the cold months, has been forced to implement rolling power cuts across the nation. In these circumstances, in a sudden action, police…

https://dailyalts.com/wp-content/uploads/2021/01/reservoir-4730209_640.jpg
Venture Capital: Bill Gates-Backed, CleanTech VC Raises $1B

Breakthrough Energy Ventures (BEV) is a venture capital firm that invests in cleantech. The term describes companies (or technologies) that aim to improve environmental sustainability including the negative impact of…

https://dailyalts.com/wp-content/uploads/2021/01/bitcoin-3083578_640.jpg
Alternative Investments/Digital: The Coinshares Physical Bitcoin (BITC) ETP To Trade On SIX Swiss Exchange
January 19, 2021     Alternative Investments, Digital Assets, News

European digital asset manager Coinshares is launching a new ETP product, the physically backed CoinShares Physical Bitcoin (Ticker: BITC) on the SIX Swiss Exchange today. The ETP enables investors to…

https://dailyalts.com/wp-content/uploads/2021/01/Grab-banner-1.jpg
FinTech: On Rebound From Failed Gojek Merger, Grab Mulls $2B U.S. IPO
January 19, 2021     FinTech, News

Reuters said in an exclusive report on Monday that Southeast Asian ride-hailing, food delivery, and fintech giant Grab was considering a US IPO this year. The news agency quoted three…