At the TOKEN2049 event happening in Dubai, Dan Morehead, CEO of Pantera Capital, made a striking statement:
“I think digital gold is now overtaking old school gold.”
Morehead noted that this moment had been a long time coming. “One of the transactions that’s happening right now that I love, I’ve been waiting for for 12 years,” he said, referring to Bitcoin’s growing lead over gold.
He emphasized that Bitcoin ETFs have seen record-breaking inflows, significantly surpassing those of gold ETFs. “There’s been billions more money go into Bitcoin ETFs than in the gold ETFs,” he added.
He praised Bitcoin’s transparent and predictable issuance model, which contrasts with the ongoing and uncertain mining of gold. “Bitcoin has a predictable schedule of issuance. You know, where they keep digging up, you know, more gold,” Morehead said.
He added that when all this tariff turmoil happened, the only thing that was up was “stateless currencies, gold and digital gold, Bitcoin and everything else is down.”
Another major point he highlighted was the strategic Bitcoin reserves held by governments. According to Morehead, the United States already owns about 1% of the world’s Bitcoin.
China reportedly holds a similar amount, and he believes this is just the beginning. “I think within the next few years there’s going to be essentially like an arms race to get into Bitcoin strategic reserves,” he said.
Morehead also criticized the outdated concept of storing national wealth in gold, pointing out that the U.S. has “11 million years of workers’ wages buried in a stone pyramid in Kentucky in gold.” He called this approach “very antiquated” and believes it will eventually shift toward Bitcoin.
In closing, Morehead noted that amid global economic tensions, especially around tariffs, the only assets performing well are stateless currencies like gold and Bitcoin. His message was clear: Bitcoin is not just a digital alternative—it is becoming the new gold.
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