‘Bitcoin is better than gold’ as a reserve asset

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

Speaking with CNBC on Thursday, Morehead compared the development of blockchain technology to historical financial innovations and expressed some serious optimism about the crypto and blockchain space — especially as more and more institutions expose themselves to it.

“Presently, most institutions really have almost zero exposure to blockchain, so once they start engaging in the space, it should do well,” he said.

Morehead cited regulatory uncertainty as a key hurdle for institutional adoption, pointing to ongoing legal actions involving major crypto firms. 

These developments, he noted, have created hesitation among pension funds, endowments, and other large investors. He called for clearer regulatory guidelines to facilitate broader institutional participation in the market.

Bitcoin is better than gold

One of Morehead’s bold claims was that Bitcoin (BTC) outperforms gold as a reserve asset. Highlighting the U.S. government’s current gold reserves, he argued that Bitcoin offers a more efficient alternative for national reserves. 

According to Morehead, the U.S. already owns 1% of the world’s Bitcoins, and it would be great for the U.S. to take the lead in Bitcoin holding

“Go to digital gold, Bitcoin, it’s 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 annually 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, with regulatory clarity expected to unlock significant institutional interest. He also sees stablecoins as an area poised for growth.

While some major corporations remain hesitant to add Bitcoin to their balance sheets, Morehead believes insurance companies, pension funds, and endowments will drive the next phase of market expansion. With clearer rules, he argued, institutions will increasingly view blockchain as a viable asset class.