Pantera Capital CEO: Bitcoin Could Strongly Outperform Gold Long Term
Pantera Capital CEO Dan Morehead believes bitcoin may be facing short-term challenges but says long-term investors should remain focused on its broader potential. Speaking at the Ondo Summit in New York, Morehead said bitcoin could “massively” outperform gold over the next decade, citing the long-term erosion of fiat currency value and the appeal of fixed-supply assets like bitcoin and gold as stores of value.
Morehead noted that both bitcoin and gold move in cycles, with investor interest often rotating between the two. He added that ETF inflows into bitcoin and gold have been relatively balanced in recent years, reflecting this shifting allocation rather than a loss of confidence in either asset.
He also emphasized that institutional exposure to crypto remains very low, arguing that the market is far from overheated. According to Morehead, many of the structural issues that previously limited institutional participation — including custody risks and regulatory uncertainty — are gradually being addressed.
Fundstrat’s Tom Lee shared a similarly constructive outlook, pushing back against the idea that crypto strictly follows a four-year cycle. He pointed to strong Ethereum network activity and the sharp deleveraging during the October 2025 market crash as evidence of a deeper reset that has strengthened market foundations.
Both speakers highlighted the growing integration of blockchain technology into traditional finance, particularly through stablecoins, tokenized assets, and crypto-enabled financial services, often operating behind the scenes without direct user awareness.
On regulation, they said the U.S. appears to be moving toward a clearer and more neutral crypto framework, which could further support institutional adoption. Looking ahead, Morehead identified potential upside catalysts, including the possibility that governments may increasingly view bitcoin as a strategic reserve asset, especially compared with traditional reserves that can be frozen or politically constrained.