Pantera Capital CEO Dan Morehead says that the political establishment is essentially being forced to cave into pro-crypto stances.
In the firm’s monthly Blockchain Letter, Morehead says that the Federal Reserve’s decades of money printing has primarily benefited a minority of older demographics while punishing the majority, who now hold the bigger voting bloc.
Morehead shows a chart citing the Fed’s own data depicting an overwhelming distribution of wealth to older Americans while the younger generations increasingly get left behind.
“It doesn’t take a Political Science major to figure out why both political parties collapsed suddenly into blockchain.
The majority of Americans are under 40.
The spoils of the Fed’s policy errors and Congress money printing have gone almost exclusively to the minority of Americans who are older.”
Quoting himself at a recent Bitcoin conference, Morehead comments on what it means for BTC and digital assets now that former president and current Republican nominee Donald Trump has become openly pro-crypto.
“I actually think it’s the biggest news in crypto….
I think the former president changing his views in May is the biggest thing in crypto because whether he’s elected or the other candidate’s elected, everybody just changed. The SEC was getting an ETF for ETH out within a week. Everything changed.
And I really think this is a sea change right now because now politicians see that crypto is popular. Think about this. The majority of Americans are under 40 years old. They all love crypto and they vote. And so politicians can put two and two together.”
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