The US has printed more dollars in a month than in two centuries

In a letter to investors released on July 29, Pantera Capital CEO Dan Morehead noted that the United States had printed an enormous amount of money to fight the financial crisis.

"The United States printed more money in June than it did in the first two centuries after it was founded," Morehead wrote. "Last month, the US budget deficit - $ 864 billion - was greater than the total debt it incurred from 1776 to late 1979."

Morehead explained that Pantera Capital sees Bitcoin as the solution to the current crisis. He also contrasted the effects of printing money in recent months with how an equivalent amount of currency has operated over the centuries:

"With that first trillion [printed dollars] we defeated the British imperialists, bought Alaska and Louisiana, defeated fascism, ended the Great Depression, built the Interstate Highway System and went to the moon."

Morehead cited the resulting inflation as the main reason to "get off paper money into Bitcoin."