DailySun
Dan Morehead, the founder and managing partner of Pantera Capital, firmly believes that cryptocurrency serves as a superior reserve investment compared to gold.
In a conversation with CNBC on Thursday, Morehead drew parallels between the evolution of blockchain technology and pivotal financial innovations from history, expressing significant optimism for the cryptocurrency and blockchain sectors as institutional participation continues to grow.
“At the moment, most institutions have nearly zero exposure to blockchain, so once they start getting involved, the market should flourish,” he stated.
Morehead identified regulatory uncertainty as a major obstacle to institutional adoption, referencing ongoing legal disputes involving prominent crypto companies.
These circumstances, he observed, have led to caution among pension funds, endowments, and other large institutional investors. He urged for clearer regulatory frameworks to encourage wider institutional engagement in the market.
Bitcoin surpasses gold
One of Morehead’s audacious assertions was that Bitcoin (BTC) outdoes gold as a reserve asset. By referencing the U.S. government’s current gold holdings, he contended that Bitcoin presents a more effective alternative for national reserves.
Morehead mentioned that the U.S. already possesses 1% of the global Bitcoin supply, advocating for the country to lead in Bitcoin accumulation.
“Embrace digital gold, Bitcoin—it’s far superior,” he remarked.
He also conveyed optimism regarding the long-term prospects of cryptocurrency markets, noting that Bitcoin’s price has historically doubled each year over the last decade.
“Bitcoin has more than doubled this year… but that’s not out of the ordinary,” he stated.
Morehead suggested that 2025 could mark a significant turning point for the crypto industry, with anticipated regulatory clarity set to unlock substantial institutional interest. He also perceives stablecoins as a sector ready for expansion.
While some large corporations remain hesitant to incorporate Bitcoin into their assets, Morehead is confident that insurance companies, pension funds, and endowments will lead the next wave of market growth. With clearer regulations in place, he asserted that institutions will increasingly regard blockchain as a legitimate asset class.
