Dan Morehead: Crypto is “Expected Thing To Have In Your Portfolio”br>
Dan Morehead, CEO of the Bitstamp digital currency exchange, told an audience of portfolio managers and asset allocators at the Sohn investment conference in San Francisco that cryptocurrencies are “a rational, expected thing to have in your portfolio.”
“Bitcoin’s essentially going to revolutionize currency, or money,” Morehead said. “If it does work, the upside is so high, it’s a rational, expected thing to have in your portfolio,” he said. He likened it to the way voice over Internet protocols took away telecommunications companies market share.
Bitcoin and other coins take the lion’s share of investment funds, with the companies that manage funds – wallets, exchanges, and others – taking just five percent of profits, Morehead said. “Only a tiny bit is in the companies,” he said. That has a “very interesting implication for investing,” Morehead said.