“Banks are like landlines, we don’t need them,” Pantera Capital CEO at Token2049

It’s day 2 of Token 2049 Dubai today, and the event is witnessing deep, productive conversations and insights from the crypto leaders who have come from across the globe. Dan Morehead, CEO of Pantera Capital, has talked and addressed some of the crucial insights about the blockchain industry and criticized the traditional banking system at the event.

Dan stated, “Banks are like landlines, we don’t need them. Stablecoins will ultimately replace the depository taking function that we’re all used to with banks.”

He also emphasized the decentralized nature of blockchain, saying, “You can transfer to literally anyone with a smartphone, pretty much free, pretty much in real time… We’re choosing how we want things to run, we’re choosing how networks work, we’re choosing how we do things, not some bureaucrat somewhere.”

He empowered the use of blockchain, saying, “I think the biggest positive impact of blockchain is that billions of people will soon be able to access the global financial markets. It’s just an amazing, empowering thing.”

Dan mentioned how blockchain is attracting new talent and investment in the crypto market. There’s already $100 billion invested in it, and half a billion people are using it. This is growing quickly as technology is evolving every few years.

However, he believes that the blockchain market is still small compared to its potential, “crypto is still only about 3 trillion. The markets going after are literally the biggest on earth. Tens of trillions, hundreds of trillions.” 

Dan showed his optimism related to a clear regulatory system, as blockchain has faced enough issues in recent years due to scams, failed projects, and regulatory issues, but now with Donald Trump’s administration, he sees a turning point for the blockchain industry, like fast developments, efficiency, and more scalable technologies.

Dan compared blockchain’s growth to the early times of the internet; he believes that the blockchain industry is going through the same transformation. It started slow and clunky, but now it’s getting much faster and more efficient.

Dan Morehead’s views highlight the transformative potential of blockchain, emphasizing its ability to empower individuals globally, revolutionize financial systems, and unlock new opportunities. The future of blockchain is not just bright; it’s boundless.