Pantera Capital founder and CEO Dan Morehead argues the core driver of this cycle remains the same “one trade” uniting macro and crypto: fiat debasement pushing capital into scarce, higher-beta assets. In a wide-ranging conversation with Real Vision’s Raoul Pal, the pair frame the current rally—and what comes next—through the lens of policy error, structural deficits, sticky inflation, and the slow-rolling migration of institutional and sovereign portfolios into digital assets. The Debasement Trade Powers The Crypto Bull Run Morehead’s starting point is blunt: “We have full employment. Inflation is debasing our assets by 3% a year… and they’re cutting rates
source: https://www.newsbtc.com/news/its-all-one-trade-crypto-bull-run-isnt-done-says-dan-morehead/