Dan Morehead, CEO of Pantera Capital, says the political establishment is essentially being forced to give in to a pro-crypto stance.
In the company’s monthly Blockchain Letter, Morehead explains that the Federal Reserve’s decades-long money printing has primarily benefited a minority of the older population while punishing the majority, who now make up the larger voting bloc.
Morehead shows a chart based on data from the Fed itself that shows that wealth is predominantly distributed among older Americans, while younger generations are increasingly disadvantaged.
“You don’t have to be a political scientist to understand why both political parties suddenly got into blockchain.
The majority of Americans are under 40.
The consequences of the Fed’s policy mistakes and Congress’s money printing have almost exclusively benefited the minority of older Americans.”
Morehead quotes himself speaking at a recent Bitcoin conference, commenting on what it means for BTC and digital assets that former President and current Republican candidate Donald Trump is openly pro-crypto.
“I actually think this is the biggest news in crypto….
I think the former president’s change of heart in May is the biggest thing in the crypto world because whether he or the other candidate gets elected, everyone has changed. The SEC launched an ETF for ETH within a week. Everything has changed.
And I really think this is a sea change right now because politicians are now seeing that crypto is popular. Think about it. The majority of Americans are under 40 years old. They all love crypto and they’re going to vote. And so politicians can put two and two together.”
Don’t miss a thing – Subscribe to receive email alerts straight to your inbox
Check price promotion
Follow us on XFacebook and Telegram
Surf the Daily Hodl Mix
 
Disclaimer: The opinions expressed on The Daily Hodl do not constitute investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please note that your transfers and transactions are at your own risk and you are responsible for any losses you may incur. The Daily Hodl does not recommend buying or selling cryptocurrencies or digital assets, nor is it an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Featured image: Shutterstock/GrandeDuc
