Billionaire investor and Pantera Capital founder Dan Morehead has strongly argued that Bitcoin is a superior alternative to gold.
In a recent statement, Morehead outlined the advantages of Bitcoin over traditional reserve assets and highlighted its potential role in US economic policy.
Morehead began his remarks by addressing the US’s dependence on gold as a reserve asset. “The United States stores $600 billion worth of gold,” Morehead said, adding that this amount is equivalent to 11 million years of American wages. Despite its historical importance, Morehead argued that gold is becoming obsolete as a reserve asset in the digital age.
Turning to Bitcoin, Morehead described it as a “much better” store of value than gold. He noted that Bitcoin’s digital nature, rarity and global accessibility make it a more efficient and forward-looking reserve asset. “Go to digital gold, go to Bitcoin, it’s much better,” he said.
Morehead also explained that the US currently owns about 1% of the world’s Bitcoin supply, which he believes is both a strategic and rational position. “Keep it, increase it,” Morehead advised, adding that it would be a positive policy decision for the US to expand its Bitcoin holdings.
He also noted that other countries have already started owning Bitcoin, indicating that the US should take the lead in adopting BTC as part of its reserve strategy.
*This is not investment advice.