Dan Morehead Sees More Value in Crypto Than Gold

Dan Morehead, founder of Pantera Capital, is doubling down on crypto.
In a recent interview, he said equity valuations now look “a bit rich” compared to bonds.

As markets adjust to higher interest rates, investors are reassessing their asset allocations.
For Morehead, one asset class stands out: crypto.

He believes the upside in crypto is greater than in gold or equities.
That’s why Pantera is shifting more capital toward digital assets.

Why Equity Valuations Are Under Pressure

Equity markets have had a strong run over the past decade.
But Morehead warns this may not continue at the same pace.

With bond yields rising, stocks look expensive by comparison.
More investors are now seeking assets with asymmetric risk-reward profiles.

That’s where crypto comes in. According to Morehead, crypto offers higher potential returns.
While it comes with volatility, the long-term growth narrative remains intact.

Comparing Crypto and Gold as Safe-Haven Assets

Gold has long been viewed as a safe-haven asset.
But Morehead argues that crypto may serve this role even better in today’s economy.

Unlike gold, crypto is programmable, decentralized, and easily transferable.
It’s also gaining traction among younger investors and institutions alike.

Gold’s value has stagnated compared to the growth seen in crypto.
That shift, Morehead suggests, is likely to accelerate over the next decade.

Institutional Adoption Strengthens the Crypto Case

Institutional interest in crypto continues to rise.
Major asset managers now offer crypto exposure through ETFs and managed funds.

Morehead believes this adoption validates crypto as a long-term investment class.
Crypto is no longer just for tech-savvy traders—it’s a part of serious portfolios.

As infrastructure and regulation improve, more capital will enter the space.
That’s a bullish signal for crypto, according to Pantera’s leadership.

Crypto’s Decentralized Nature Offers Unique Benefits

Crypto isn’t just an asset—it’s a financial revolution.
It eliminates intermediaries and offers global access to financial tools.

For Morehead, this is what sets crypto apart from both gold and traditional finance.
Crypto assets operate on transparent, decentralized networks.

These features create a level of freedom and security that fiat systems cannot match.
It’s why he believes crypto is still early in its long-term adoption curve.

Why Timing Matters in Crypto Investing

Crypto markets are cyclical.
Morehead believes we are entering a new upward phase in that cycle.

While short-term volatility is expected, he argues that the long-term potential outweighs the risk.
With current valuations well below past highs, now may be a smart entry point.

He encourages investors to think in multi-year horizons.
The earlier one gets into crypto, the more upside they can capture over time.

Final Thoughts From Dan Morehead on Crypto

Dan Morehead is clear: crypto is not a passing trend.
He sees it as a foundational part of the future financial system.

Pantera Capital continues to lead the way in digital asset investment.
Their strategy reflects strong conviction in crypto’s long-term value.

Whether you’re comparing it to equities, gold, or bonds—crypto has a compelling story.
And in 2025, that story is just getting started.