Dan Morehead: The crypto market has passed the peak of the crisis and will soon reach the bottom
Crypto Market Close to the End of the Crisis, Says Pantera Capital CEO
Pantera Capital CEO, Dan Morehead, is optimistic about the future of the digital asset market, stating that the market crisis is coming to an end. In a recent interview, Morehead emphasized that the liquidation of debtors' assets would cause the crypto market to fall further before it starts to grow again.
"I think we are really close to the end of the market crisis. Thanks to leverage, especially with smart contracts in DeFi, everything sells out pretty quickly. The market has been falling for eight months now. We observed the most severe manifestations of the crisis in November, May and June. There are companies that are in the process of liquidation in bankruptcy court. We seem to have seen everything we should have,"
Dan Morehead said.
Enter your text here ...
"There are many skeptics regarding blockchain, and many of them promote the view that DeFi has failed. In reality, this is not so. Of course, there are some failures in the blockchain ecosystem, but almost all of them are related to centralized counterparty lending. Which, as you know, are actually banks. Some of these organizations took short-term deposits and acted like banks. Basically, it's the centralized lending companies that have failed, and almost all DeFi protocols have performed very well,"
noted Morehead
The End of the Market Crisis
DeFi Protocols Outperform Centralized Lending Companies
Morehead noted that despite the severe market crisis, almost all DeFi protocols have performed very well. In contrast, centralized crypto lenders failed. According to him, most of the failures in the blockchain ecosystem are related to centralized counterparty lending, which acts as banks. Some organizations took short-term deposits and acted like banks, leading to their eventual failure. Thus, it's the centralized lending companies that have failed, and almost all DeFi protocols have performed well.
Dvision Network's Head of Business Development Disagrees
Bobur Muydinov, head of business development at Dvision Network, disagrees with Morehead's opinion. Muydinov believes that the crypto winter may last until the next Bitcoin halving in 2024. However, Morehead is confident that the digital asset market is close to the end of the crisis, and the market will begin growing again soon.
In conclusion, Morehead believes that the crypto market is nearing the end of the crisis, and the liquidation of debtors' assets will accelerate the market's fall, leading to its eventual growth. Morehead emphasizes that DeFi protocols have outperformed centralized lending companies, and almost all DeFi protocols have performed very well, even during market peaks. Although there are differing opinions on the future of the crypto market, Morehead remains optimistic about its growth prospects.
