Dan Morehead, CEO of Pantera Capital, says the political establishment is essentially being forced to succumb to pro-crypto positions.
In the company’s monthly Blockchain Letter, Morehead says the Federal Reserve’s decades of money printing has primarily benefited a minority of older demographics while punishing the majority who now control the larger voting bloc has.
Morehead shows a chart citing the Fed’s own data that shows an overwhelming distribution of wealth among older Americans, while younger generations are falling further behind.
“You don’t need to have studied political science to figure out why both political parties have suddenly collapsed into blockchain.
The majority of Americans are under the age of 40.
The spoils of the Fed’s policy mistakes and Congress’ money printing have gone almost exclusively to the elderly minority of Americans.”
Morehead quotes himself at a recent Bitcoin conference and comments on what it means for BTC and digital assets now that former President and current Republican candidate Donald Trump has become openly pro-crypto.
“I actually think this is the biggest news in crypto….
I think the former president changing his views in May is the most important thing in crypto because whether he gets elected or the other candidate, everyone just changed. The SEC released an ETF for ETH within a week. Everything changed.
And I really think this is a big change right now because politicians now see that crypto is popular. Think about this. The majority of Americans are under the age of 40. They all love crypto and they vote. And so politicians can put two and two together.”
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