NEW YORK — Bitcoin may be mired in a difficult market environment, but investors should keep their focus on the long term, Pantera Capital CEO Dan Morehead said Tuesday.
Speaking on a panel with Bitmine Immersion Chairman Tom Lee at the Ondo Summit in New York, Morehead said bitcoin is positioned to significantly outperform gold over the next decade.
“In 10 years, bitcoin will massively outperform gold,” Morehead said, pointing to the effects of long-term currency debasement.
He argued that fiat currencies steadily lose purchasing power, even when labeled “stable.” “Paper money is being debased at about 3% a year,” Morehead said. “Over a lifetime, that amounts to roughly a 90% loss. That makes it rational to invest in assets with a fixed supply, like gold or bitcoin.”
While bitcoin and gold tend to move in cycles, Morehead said investor interest often rotates between the two. Gold has recently taken the lead, but he noted that inflows into gold and bitcoin exchange-traded funds have been broadly similar over the past several years.
Lee also took a bullish view, challenging the idea that crypto is governed by a rigid four-year cycle. He cited diverging market signals, including increased activity on Ethereum and the scale of deleveraging during the October 2025 selloff.
“That was a larger wipeout than November 2022,” Lee said, arguing the episode undermines simple cycle-based narratives.
Morehead said institutional exposure to crypto remains minimal, despite the launch of spot bitcoin ETFs. “Many large asset managers still hold zero bitcoin or crypto,” he said. “It’s hard to call this a bubble when institutional ownership is effectively nonexistent.”
According to Morehead, the obstacles that once kept institutions on the sidelines are steadily being removed. He pointed to improvements in custody, market infrastructure and regulatory clarity.
He also highlighted blockchain’s historical performance, noting its strong returns and low correlation to traditional assets. That combination, he said, makes crypto a compelling addition to diversified portfolios.
Lee agreed, adding that blockchain technology is increasingly being embedded into financial systems in ways that may go unnoticed by end users. Stablecoins, tokenized assets and crypto-native financial services are already making crypto more accessible, he said.
On regulation, both speakers said the U.S. is nearing a turning point. Morehead described a shift from an openly hostile environment toward a more neutral stance.
Looking ahead, Morehead said geopolitical considerations could become an important driver, suggesting countries may eventually seek exposure to bitcoin as a hedge against political and financial risks tied to traditional reserve assets.
That dynamic, he said, could act as a powerful long-term catalyst for adoption.
