Dan Morehead, the founder and managing partner of Pantera Capital, has made his stance clear: he believes that cryptocurrencies are superior reserve investments compared to gold.

In an interview with CNBC on Thursday, Morehead drew parallels between the evolution of blockchain technology and previous financial innovations, sharing a strong sense of optimism regarding the crypto and blockchain sectors — especially as more institutions begin to engage with them.

“At present, most institutions have virtually zero exposure to blockchain, and once they start participating in this space, it should thrive,” he stated.

Morehead identified regulatory uncertainty as a significant obstacle to institutional adoption, referencing ongoing legal proceedings that involve major players in the crypto industry.

He pointed out that these situations have led to hesitancy among pension funds, endowments, and other substantial investors. Morehead called for more definitive regulatory guidelines to encourage broader participation from institutions in the market.

Bitcoin is Superior to Gold

One of Morehead’s audacious assertions is that Bitcoin (BTC) outshines gold as a reserve asset. He pointed out the current gold reserves held by the U.S. government and contended that Bitcoin serves as a more effective alternative for national reserves.

According to Morehead, the U.S. already possesses 1% of all Bitcoins in existence, and it would be advantageous for the country to lead in Bitcoin holdings.

“Transition to digital gold, Bitcoin — it’s far superior,” he emphasized.

He also conveyed optimism about the long-term outlook for cryptocurrency markets, noting Bitcoin’s consistent price performance, which has doubled annually over the past decade.

“Bitcoin has more than doubled this year… but that’s not uncommon,” he remarked.

Morehead believes that 2025 could be a crucial year for cryptocurrencies, predicting that regulatory clarity will prompt substantial institutional interest. He also noted that stablecoins are a sector likely to experience significant growth.

While some large corporations remain cautious about incorporating Bitcoin into their balance sheets, Morehead anticipates that insurance companies, pension funds, and endowments will spearhead the next wave of market growth. With clearer regulations in place, he argued, institutions will increasingly recognize blockchain as a legitimate asset class.