China is ‘6 years ahead’ of US in building blockchain payment system, CEO says

August 3, 2021

The U.S. has fallen significantly behind China in the race to develop a blockchain-based payment system, Pantera Capital founder and CEO Dan Morehead told Yahoo Finance in a recent interview.

“China’s six years ahead of the United States in building a blockchain-based payment system,” Morehead said in a Friday segment on blockchain technology with Yahoo Finance Live.

China’s dominance in the blockchain space may push America into action in the near future, according to Morehead, whose company is a hedge fund specializing in cryptocurrencies.

Before the recent crackdown on bitcoin, China had already emphasized integrating blockchain technology into its financial system in a variety of ways. Back in 2020, China announced the first blockchain networks to be built and maintained by a central government. The network ran through 100 cities and was supported by both public and private enterprises.

“I think two or three years from now, everyone will realize that blockchain is an asset class by itself and they’ll have a blockchain team and a blockchain allocation,” Morehead said.

 

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