Pantera Capital CEO: Terra is ‘One of the Most Promising Coins for the Coming Year’
Terra’s market capitalization is hovering around $31 billion, but “still has plenty of room to grow,” Dan Morehead said
Dan Morehead of Pantera Capital at Blockworks Digital Asset Summit 2021; Photo by Mike Lawrence
key takeaways
- On Dec. 26, Terra, with its ticker LUNA, hit an all-time high of $103.33 before retreating to current levels around $85.50 at the time of publication
- Morehead also predicts that blockchain platform Polkadot and a risk management marketplace for DeFi, Risk Harbor, will be hot tokens in 2022
Pantera Capital CEO Dan Morehead sees Terra as one of the most promising alternative coins for 2022, he said during “Crypto Night in America” on CNBC.
“It’s growing at a very rapid rate,” Morehead said. “We think it’s one of the most promising coins for the coming year, so many people are just starting to discover it and just starting to trade it,” he added.
On Dec. 26, Terra, known by its ticker LUNA, hit an all-time high of $103.33 after retreating to current levels around $85.50 at the time of publication. The cryptocurrency is up 12,861% year-to-date from 66 cents, according to data from CoinMarketCap. Terra’s market capitalization is hovering around $31 billion, but “still has plenty of room to grow,” Morehead said.
Morehead also predicts that blockchain platform Polkadot and a risk management marketplace for DeFi, Risk Harbor, will be hot tokens in 2022.
Founded in 2013, Pantera is a US institutional asset manager focused exclusively on blockchain. It currently offers a variety of funds, including one focused on bitcoin that provides passive exposure to the cryptocurrency and daily liquidity.
The company’s other offerings include a venture fund targeting companies building products and services in the blockchain ecosystem, a liquid token fund with exposure to publicly traded digital assets and an early-stage token fund investing in early-stage blockchain protocols. The firm also launched a Blockchain Fund in June, which blends the latter three strategies, Morehead said during a conference call in August, Blockworks previously reported.
“[Terra] is beginning to gain traction in the South Korean gaming market and that’s one of the leading markets for gaming in the world and so it’s starting to broaden out from stablecoins to much more interesting things,” he said.
According to data from Newzoo, the total South Korean gaming market was $7.325 billion in 2020, which made it the fourth-largest gaming market in the world.
While the altcoin market has seen explosive growth during 2021, with year-to-date increases as high as 45,451%, investors are venturing away from traditional cryptocurrencies and into new ones.
“There was a time when just holding Bitcoin and Ethereum was kind of a good proxy for the industry as a whole,” Morehead said. But with 80 different tokens now in Pantera’s portfolio, Morehead notes, “if someone is going to be converting from something into new things they’re probably selling Bitcoin and Ethereum.”
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