Deep Tide TechFlow News, on December 18, Dan Morehead, founder and executive partner of the hedge fund and venture capital firm Pantera Capital, recently discussed the evolution of cryptocurrency adoption in the U.S. and potential changes for the coming year on CNBC (Fast Money). In the interview, Morehead talked about the proposal for President-elect Trump to establish a strategic Bitcoin reserve and expressed strong support for this initiative. He said, "I think this is actually a very important thing. When you are the world's reserve currency, you don't need to hold other currencies."
Morehead elaborated on the current state of U.S. reserves, pointing out, "The U.S. has no other currency. It holds $600 billion in gold, which is an astounding amount. That's equivalent to 11 million years of wages for American workers, so that's a bit crazy."
He advocated for a transition to digital assets, stating, "Transition to digital gold. Bitcoin is much better, so I think this makes complete sense." Emphasizing the government's existing holdings, Morehead mentioned, "The U.S. already holds 1% of the world's Bitcoin. Maintain that ratio, increase that ratio. So I think this is indeed a very good policy. Several countries already hold Bitcoin. If the U.S. can lead, that would be great."
