Pantera Capital founder and managing partner Dan Morehead called Bitcoin a more profitable reserve asset compared to gold. In his opinion, the first cryptocurrency could become a good alternative to government reserves.

In an interview with CNBC, Dan Morehead expressed optimism about the development of cryptocurrencies and blockchain as more large companies and financial institutions begin to open up to digital assets. According to him, now most organizations do not yet have access to the blockchain, but as soon as they start working in this area, the cryptocurrency sector will develop even faster.

The main barrier to cryptocurrency adoption among institutional investors is uncertainty in the industry’s regulation, Morehead said. He mentioned legal proceedings by US regulators involving large crypto companies that are accused of violating securities laws.

Fearing prosecution, pension funds and large investors are refusing to invest in cryptocurrencies, so the industry needs clear regulatory guidance, said the founder of Pantera Capital. He suggested that 2025 could be a turning point for the crypto industry, and expressed hope that under the new US administration, clarity in the regulation of the industry will appear. Then stablecoins should also have opportunities for development.

Morehead is confident that Bitcoin is superior to gold as a reserve asset and can become a good alternative to government reserves. According to him, the United States already owns 1% of the total number of bitcoins, and he would like to see the United States become the leader in storing bitcoins. Morehead noted that over the past decade, the price of Bitcoin has consistently doubled every year.

“Switch to digital gold, to Bitcoin. This is much better. Bitcoin has almost doubled this year. But there’s nothing surprising here,” Morehead said.

A few years ago, the founder of Pantera Capital said that the collapse of the FTX crypto exchange does not mean the failure of blockchain as an emerging technology, because there are many other reliable platforms in the crypto space.