‘Bitcoin is better than gold’ as a reserve asset

Dan Morehead, founder and managing partner of Pantera Capital, has made it clear that he thinks cryptocurrency is a better reserve investment than gold.

Speaking to CNBC on Thursday, Morehead compared the development of blockchain technology to historic financial innovations and expressed some serious optimism about the crypto and blockchain space, especially as more and more institutions are exposing themselves to the space.

“Currently, most institutions have almost zero exposure to blockchain, so once they start engaging in this area, they should be successful,” he said.

Morehead noted that regulatory uncertainty is a significant barrier to institutional adoption, pointing to ongoing legal actions involving major crypto companies.

He stated that these developments created hesitation among pension funds, foundations and other large investors. He called for clearer regulatory rules to facilitate broader corporate participation in the market.

Bitcoin is better than gold

One of Morehead’s bold claims was that Bitcoin (BTC) was outperforming gold as a reserve asset. Drawing attention to the US government’s existing gold reserves, he argued that Bitcoin offers a more efficient alternative to national reserves.

According to Morehead, the US already holds 1% of the world’s Bitcoins, and it would be great if the US took the lead in holding Bitcoin.

“Go to digital gold, Bitcoin, it is much better,” he said.

He also expressed optimism about the long-term trajectory of cryptocurrency markets, noting that Bitcoin’s price performance has consistently doubled over the past decade.

“Bitcoin has more than doubled this year, but that’s not unusual,” he said

Morehead suggested that 2025 could be a pivotal year for crypto, as regulatory clarity is expected to unlock significant institutional interest. He also sees stablecoins as an area ripe for growth.

While some large companies are hesitant to add Bitcoin to their balance sheets, Morehead believes insurance companies, pension funds and endowments will drive the next phase of market expansion. He argued that with clearer rules, institutions will increasingly view blockchain as a viable asset class.