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Dan Morehead, Chief Executive Officer and Co-Chief Investment Officer at Pantera Capital, questioned the logic of making a high-value bet in a situation where the U.S. Treasury sells $2 trillion in bonds annually, describing a $1 billion wager as disproportionate given the much larger scale involved.
He suggested that genuine bluffs only succeed when others do not suspect them and implied that, in this financial context, the scale of the play was too obvious.
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