NEW YORK — Bitcoin’s recent price weakness does little to change its long-term outlook, Pantera Capital CEO Dan Morehead said Tuesday, arguing the cryptocurrency is positioned to strongly outperform gold over the next decade.
Speaking at the Ondo Summit in New York alongside Bitmine Immersion Chairman Tom Lee, Morehead pointed to persistent currency debasement as a key driver of demand for scarce assets.
“In 10 years, bitcoin will massively outperform gold,” Morehead said. “So-called stable money is being debased at about 3% a year. Over a lifetime, that equates to roughly a 90% loss in purchasing power, which makes fixed-supply assets like bitcoin or gold a rational investment.”
Morehead said bitcoin and gold often trade in alternating cycles as investor attention shifts between the two. While gold has led recently, inflows into bitcoin and gold exchange-traded funds have been broadly comparable over the past several years, he noted.
Lee echoed the bullish sentiment but pushed back on the idea that crypto markets are governed by a rigid four-year cycle. He cited rising activity on Ethereum and the scale of deleveraging during the October 2025 selloff as signs that the market is evolving.
“That was a larger wipeout than November 2022,” Lee said, arguing the episode challenges traditional cycle-based explanations.
Morehead also emphasized that institutional exposure to crypto remains limited, even after the launch of spot bitcoin ETFs. Many large asset managers still hold no bitcoin or crypto, he said, making it difficult to argue the market is in a speculative bubble.
According to Morehead, many of the long-standing barriers to institutional participation are fading. He pointed to improvements in custody, market infrastructure and regulatory clarity as factors supporting broader adoption.
He also highlighted blockchain’s long-term returns and low correlation with traditional assets, describing it as a rare asset class that offers both growth potential and diversification benefits.
Lee agreed, adding that blockchain technology is increasingly being embedded into financial systems in ways that are often invisible to users. Stablecoins, tokenized assets and crypto-enabled financial services are already making crypto part of everyday transactions, he said.
On regulation, both speakers said the U.S. appears to be approaching an inflection point. Morehead described the shift from an openly hostile environment toward a more neutral stance as a significant change.
Looking ahead, Morehead said geopolitical considerations could become an additional catalyst, as countries reassess the risks of holding reserves in assets vulnerable to political control. Bitcoin, he argued, offers an alternative that could gain appeal over time.
