Morehead also cited impending institutional investment a key defining characteristic of the current bear market, stating that “People have been talking for years about the impending institutional wave of money coming into the markets … I think we now actually have the required conditions for that to happen.”
The Pantera CEO emphasized the importance of robust new custody options for institutions, asserting that “Institutional investors really want to have a custodian that’s well known and regulated, and we haven’t had … the kind of global name that it would take to get institutions in … But now you have firms like [Intercontinental Exchange’s] Bakkt, or Fidelity, or Erisx doing varying institutional grade custody over the next few months.”
Despite his confidence in a greater institutional presence in the cryptosphere, Morehead dismissed the suggestion that institutional investment will be the principal catalyst for the next bull season, stating: “Institutions are probably just like the rest of us, they are probably pretty pro-cyclical, and the big wave [of] institutional money will probably not start … until the prices themselves start going up.”
Morehead also predicted that 2019 will see venture capital again supersede ICOs as the dominant means of fundraising within the crypto sector.
Pantera has also announced that it has raised $130 million of its $175 million target for its third cryptocurrency venture fund.
Pantera partner Paul Veradittikit stated: “We’re in a bear market and fundraising has slowed for the entire industry, whether you’re an entrepreneur or a fund.”
Do you think that institutions will buy low and sell high, or chase the crypto markets as Morehead believes? Share your thoughts in the comments section below!
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