The CEO of Pantera Capital Dan Morehead, has told Yahoo Finance that United States has fallen significantly behind China in efforts to develop a blockchain-based payment system.
“China’s six years ahead of the United States in building a blockchain-based payment system,” said Morehead in an interview.
This perceived dominance may spur the US towards action soon, according to Morehead, whose firm is a hedge fund specialising in cryptocurrencies.
“The former CFTC Chairman Chris Giancarlo wrote a great op-ed in the Journal in 2019, calling it America’s ‘Sputnik’ moment, when China announced their blockchain,” Morehead said. “And there is going be a competition amongst nations to have the payment rail of the future.”
Yahoo Finance cites China as accounting for 46% of the total bitcoin mining power in the world as of April 2021, according to research from the Cambridge Centre for Alternative Finance (CCAF).