Long bitcoin, short the dollar.

That, in a nutshell, was the advice Pantera Capital CEO Dan Morehead gave to investors in a July 29 letter warning about the unprecedented amount of money being printed by the US government to address the financial crisis caused by the Covid-19 pandemic.

“The United States printed more money in June than in the first two centuries after its founding,” Morehead wrote. “Last month the US budget deficit – $864 billion – was larger than the total debt incurred from 1776 through the end of 1979.”

The American crypto bull said investing in bitcoin is the best way forward in the current crisis. He went on to contrast the impact of money printing in recent months with how the equivalent amount of currency had performed historically.

Morehead wrote, “With that first trillion [US dollars printed] we defeated British imperialists, bought Alaska and the Louisiana Purchase, defeated fascism, ended the Great Depression, built the Interstate Highway System, and went to the Moon.”

(Excerpt) Read more Here | 2020-07-31 05:00:00
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