Web3 projects may yield greater profits than BTC or ETH

Web3 projects "are going to perform even better" than Bitcoin and Ethereum, according to Dan Morehead. The number of users active on the blockchain platforms could soon surpass one billion.

The CEO of Pantera Capital painted an optimistic picture for the whole crypto industry. During his keynote speech at the ongoing Token2049 conference in Singapore, Morehead focused on the growth potential of DeFi, Web3, NFTs, and Metaverse and use cases in these areas.

He also pointed to parallels between the ongoing crypto boom and the early 2000s when young tech companies, such as Google and Apple, started gaining momentum and challenging Microsoft's long-standing hegemony in the technology sector.

Morehead is still bullish on Bitcoin and Ethereum, but at the same time, he claims that projects based on alternatives to those technologies "are going to perform even better". He considers DeFi, Web3, NFT, and Metaverse the most promising domains of the crypto industry.

Pantera's founder also mentioned that the gigantic gap in value between DeFi (around $20 billion market cap) and the traditional finance system (around $3 trillion) provides the industry with plenty of room to grow.

Pantera Capital is a US hedge fund specializing in crypto-related investments. It was founded in 2003 by Dan Morehead and is currently co-managed by Joey Krug, the co-creator of Augur, a decentralized prediction market platform and the first major Ethereum project.

According to Pantera's website, the fund holds under management $4.5 billion worth of assets.

Pantera Capital infographic
Source: PanteraCapital.com

Token2049 is an annual crypto conference held in Singapore and London. It serves as a thought-exchange platform for leaders of the web3 community to discuss opportunities and challenges the crypto industry faces. 73% of the participants featured in the ongoing edition are C-level.