Pantera Capital CEO Roots for Crypto as Potential Singular Haven in Economic Crises; and Other Crypto News
Dan Morehead, the Chief Executive of Pantera Capital, an asset management company, has said that cryptocurrency may turn out as the singular safe haven of an asset class for investors during future economic crises. The CEO made the remarks during a YouTube interview with Bankless, a social media program for virtual assets.
During the interview, Morehead highlighted his reasons for saying cryptocurrencies could later become a future life jacket for investors experiencing difficulties in the larger financial industries. He cited the periodic inflow of people every two years at massive scales as one of his major reasons for his bullish expectations for BTC.
He also remarked that other asset classes than virtual assets are experiencing a widespread unwinding, which gives a comparative advantage to virtual assets. Morehead added that the virtual assets’ industry will express a significant ability to pushback against increasingly restrictive financial policies.
The CEO says that virtual currencies would probably not be affected by increasing interest rates, contrary to other asset classes. That resilience, he claims, is necessary as most financial market players are already looking forward to increasing interest rates.
Dan Morehead went on to compare the probable performance of bonds via the current economic outlook against a better alternative virtual asset class, calling for virtual assets to be unconnected form interest rates. Pantera Capital is the first institutional asset manager in America that concentrated solely on virtual assets.
US Rep Asks for Stand-alone Regulator for Virtual Assets
A US Representative, Patrick McHenry, has criticized the handling of the Securities and Exchange Commission (SEC) and related US agencies of digital assets. The public official asked for the creation of a stand-alone regulatory body for the virtual assets’ industry.
Moreover, the representative called for a comprehensive definition of virtual assets, as he asserts that virtual assets could neither bear the identity of a security, or a commodity. The Congress, Rep McHenry says, is responsible for appraising what definition of virtual assets becomes official.
By obtaining a comprehensive outlook on the definition of virtual assets, McHenry says the system can eliminate the lack of clarity at the federal level on the industry, and in setting up a regulatory entity to exclusively monitor cryptocurrencies.
The government official also says that Bitcoin represents an umbrella body for all other virtual assets. The United States currently doesn’t have any concrete federal legislation on cryptocurrencies and other virtual assets.
PayPal Declares 8% Increase in Q1 2022 Revenue
PayPal, a leading payments firm globally declares its net revenue for Q1 2022 at approximately $6.5 billion. The company reports that it made 8% more than it did during the same period in 2021, and exceeded earlier forecasts.
PayPal also declared that its adjusted proceeds dipped by 28% at $0.88 USD on each share. However, it reportedly saw a significant rise in the volume of payments it processed ($323 billion) in the first quarter of 2022.
The firm’s trading volume increased by 15%, compared to the same period in 2021. However, PayPal warns that its trading volume may dip in the coming months because of Ukraine’s crisis and rising inflation.
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