Pantera’s Dan Morehead Scores 250% Surge Betting Beyond Bitcoin

Pantera’s Dan Morehead Scores 250% Surge Betting Beyond Bitcoin

(Bloomberg) -- Dan Morehead, a veteran Bitcoin investor, is making more money at his hedge fund firm by diversifying beyond the most popular cryptocurrency.

“If you're just long Bitcoin, it's kind of like in the 90s being just long Yahoo -- you know, there were 30 other really important companies to invest in,” Morehead, the head of Pantera Capital Management, said in an interview at the Qatar Economic Forum, Powered by Bloomberg. “Now there are literally 100s of tokens that are liquid enough to trade.”

Pantera's liquid-token fund soared almost 250% this year through the end of May, compared with a 27% gain for Bitcoin in the same period. Morehead, in the interview taped Friday, said he's also investing in Audius, which he says is similar to a “decentralized SoundCloud” because it allows users to send audio files while using the Ethereum network. Polkadot is another of his crypto investments.