Dan Morehead, CEO of Pantera Capital, explains why this crypto bear market is different from the previous one his firm endured, what he believes will give institutional money the confidence to enter the space, and how Pantera's investing approach has changed in this downturn. We also discuss what types of projects and companies Pantera is investing in, how regulatory uncertainty is affecting development of the space, and where innovation is happening. The answer may surprise you. Thank you to our sponsor! CipherTrace: http://ciphertrace.com/unconfirmed Episode links: Pantera Capital: https://www.panteracapital.com Dan Morehead: https://twitter.com/dan_pantera Pantera's December letter: https://medium.com/@PanteraCapital/market-update-pantera-blockchain-letter-december-2018-f48ad020f9d6 Joey Krug's crypto thesis: https://medium.com/@PanteraCapital/a-crypto-thesis-47eaacf861ca Fidelity launching a Bitcoin custody service in March: https://www.bloomberg.com/news/articles/2019-01-29/fidelity-is-said-to-plan-march-launch-of-bitcoin-custody-service