The Future Of Crypto Investment (w/ Dan Morehead And Joey Krug) | Interview | Real Vision™

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Filmed on May 22, 2018 in San Francisco. Originally published on Real Vision June 8th, 2018. Dan Morehead and Joey Krug of the blockchain investment fund Pantera Capital sit down with Michael Green of Thiel Macro. The group explores the current state of cryptocurrency, blockchain technology, and the current investment environment. In addition, Morehead and Krug look ahead to the future of distributed ledger technology to explore how smart contracts will create value for users and investors by reducing transaction costs and eliminating middlemen. Filmed on May 22, 2018 in San Francisco.
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About The Interview:
Unfiltered, long-form deep dives with the most successful investors in the world. In discussions across a range of subjects, we dig into the minds of the sharpest investors to find out what makes them tick. If you’ve ever wanted to learn from the best, this series is where to go.

About Real Vision™:
Real Vision™ is the destination for the world’s most successful investors to share their thoughts about what’s happening in today’s markets. Think: TED Talks for Finance. On Real Vision™ you get exclusive access to watch the most successful investors, hedge fund managers and traders who share their frank and in-depth investment insights with no agenda, hype or bias. Make smart investment decisions and grow your portfolio with original content brought to you by the biggest names in finance, who get to say what they really think on Real Vision™.

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The Future Of Crypto Investment (w/ Dan Morehead And Joey Krug) | Interview | Real Vision™

Transcript:
For Bitcoin, there isn’t a whole lot you can do with it. You can send the money around, and you can hold it as a store value. But it doesn’t really do much in finance, itself. And so I think when you see products like Ethereum come out that enable you use these things called smart contracts where you can send money to a computer program and remove the lawyers in the middle. And I think that’s where we actually started to see this huge flourishing of people starting to build new projects.
I just think they’re assets. They’re opportunities to invest. I don’t think the typical investor needs to worry whether they are securities or not securities.
If there’s not a market for what you want to trade on, you can actually create a market for that. Which I think is actually the most powerful piece. Because up until this point, that’s not really been feasible.
Our fund has returned 140x, so it is possible. And that’s why I think investors should put a few percent of their portfolio in crypto. Could go to 0 maybe, but it’s a very asymmetric risk reward.
[MUSIC PLAYING]
Mike Green for Real Vision. I’m excited to sit down with two of my favorite people in the Bitcoin space. Joey Krug and Dan Morehead of Pantera Capital. Joey is a brilliant young investor focused on the Bitcoin space. Is going to tell some exciting news about that. And Dan brings an incredible experience with Bitcoin and the general cryptocurrency environment. I’m really interested to hear how things are developing for the two of them.
Mike Green. I’m here in San Francisco. And I get to spend time again with Joey Krug and Dan Morehead, two guys who are as deep in the crypto space as just about anybody on the planet. And I wanted to catch up and see what you guys are thinking about these days.
Dan, you’re from Pantera Capital. It’s one of the first to launch a crypto oriented fund. In particular, you were focused on the store value dynamic, speculating– not to use the word in a pejorative sense, but speculating on the appreciation in crypto coins [INAUDIBLE] you launched in 2013. So obviously, spectacularly successful. It’s been an extraordinary investment. And your returns have far out paced what has been seen from the individual coins. A lot has changed in the world since we last talked last fall in terms of prices appreciating sharply and then having corrected. What do you think happens next? Where are you in the crypto– the store value dynamic?
I think that’s an important question. Back in the day, there was Bitcoin. No other currencies. Not really any equities you can invest in. Now there’s 1,500 projects you could invest in plus maybe 500 different equities that you could buy. And so, I think it’s sensible to approach for a investment is not just buy one thing. Because that’s not the way you would trade stocks. You’d buy a basket of things. And I think people should avoid the temptation to worry about, is it Bitcoin that’s going to win? Or is it Ethereum that’s going to win? Or is Bitcoin cash? Or Ripple?



Filmed on May 22, 2018 in San Francisco. Originally published on Real Vision June 8th, 2018. Dan Morehead and Joey Krug of the blockchain investment fund Pantera Capital sit down with Michael Green of Thiel Macro. The group explores the current state of cryptocurrency, blockchain technology, and the current investment environment. In addition, Morehead and Krug look ahead to the future of distributed ledger technology to explore how smart contracts will create value for users and investors by reducing transaction costs and eliminating middlemen. Filmed on May 22, 2018 in San Francisco.
Watch more Real Vision™ videos:
Subscribe to Real Vision™ on YouTube:
Watch the full video by starting your 14-day free trial here:

About The Interview:
Unfiltered, long-form deep dives with the most successful investors in the world. In discussions across a range of subjects, we dig into the minds of the sharpest investors to find out what makes them tick. If you’ve ever wanted to learn from the best, this series is where to go.

About Real Vision™:
Real Vision™ is the destination for the world’s most successful investors to share their thoughts about what’s happening in today’s markets. Think: TED Talks for Finance. On Real Vision™ you get exclusive access to watch the most successful investors, hedge fund managers and traders who share their frank and in-depth investment insights with no agenda, hype or bias. Make smart investment decisions and grow your portfolio with original content brought to you by the biggest names in finance, who get to say what they really think on Real Vision™.

Connect with Real Vision™ Online:
Linkedin:
Twitter:

The Future Of Crypto Investment (w/ Dan Morehead And Joey Krug) | Interview | Real Vision™

Transcript:
For Bitcoin, there isn’t a whole lot you can do with it. You can send the money around, and you can hold it as a store value. But it doesn’t really do much in finance, itself. And so I think when you see products like Ethereum come out that enable you use these things called smart contracts where you can send money to a computer program and remove the lawyers in the middle. And I think that’s where we actually started to see this huge flourishing of people starting to build new projects.
I just think they’re assets. They’re opportunities to invest. I don’t think the typical investor needs to worry whether they are securities or not securities.
If there’s not a market for what you want to trade on, you can actually create a market for that. Which I think is actually the most powerful piece. Because up until this point, that’s not really been feasible.
Our fund has returned 140x, so it is possible. And that’s why I think investors should put a few percent of their portfolio in crypto. Could go to 0 maybe, but it’s a very asymmetric risk reward.
[MUSIC PLAYING]
Mike Green for Real Vision. I’m excited to sit down with two of my favorite people in the Bitcoin space. Joey Krug and Dan Morehead of Pantera Capital. Joey is a brilliant young investor focused on the Bitcoin space. Is going to tell some exciting news about that. And Dan brings an incredible experience with Bitcoin and the general cryptocurrency environment. I’m really interested to hear how things are developing for the two of them.
Mike Green. I’m here in San Francisco. And I get to spend time again with Joey Krug and Dan Morehead, two guys who are as deep in the crypto space as just about anybody on the planet. And I wanted to catch up and see what you guys are thinking about these days.
Dan, you’re from Pantera Capital. It’s one of the first to launch a crypto oriented fund. In particular, you were focused on the store value dynamic, speculating– not to use the word in a pejorative sense, but speculating on the appreciation in crypto coins [INAUDIBLE] you launched in 2013. So obviously, spectacularly successful. It’s been an extraordinary investment. And your returns have far out paced what has been seen from the individual coins. A lot has changed in the world since we last talked last fall in terms of prices appreciating sharply and then having corrected. What do you think happens next? Where are you in the crypto– the store value dynamic?
I think that’s an important question. Back in the day, there was Bitcoin. No other currencies. Not really any equities you can invest in. Now there’s 1,500 projects you could invest in plus maybe 500 different equities that you could buy. And so, I think it’s sensible to approach for a investment is not just buy one thing. Because that’s not the way you would trade stocks. You’d buy a basket of things. And I think people should avoid the temptation to worry about, is it Bitcoin that’s going to win? Or is it Ethereum that’s going to win? Or is Bitcoin cash? Or Ripple?

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