Dan Morehead Champions US Bitcoin Reserve Proposal
Dan Morehead, founder and managing partner of hedge fund and venture capital firm Pantera Capital, appeared on CNBC’s ‘Fast Money’ last week to discuss the evolving landscape of cryptocurrency adoption in the U.S. and potential shifts in the coming year.
During the interview, Morehead addressed President-elect Donald Trump’s proposal to establish a strategic bitcoin reserve, expressing strong support for the initiative. He stated: “I think that is actually a really important thing. When you’re the reserve currency of the world, you don’t have somebody else’s currency to save in.” Morehead elaborated on the current state of U.S. reserves, noting: “The United States doesn’t have another currency. It stores $600 billion in gold, which is a staggering amount. It’s equivalent to 11 million years of American worker wages, so that’s kind of crazy.”
He advocated for transitioning to digital assets, asserting: “Go to digital gold. Bitcoin is much better, and so I do think it’s totally rational.” Highlighting existing government holdings, Morehead mentioned:
The U.S. already owns 1% of the world’s bitcoins. Keep that, increase that. So I do think it is actually a really good policy. There’s a couple of countries that already do own bitcoin. It’d be great for the U.S. to get out in the lead.
This perspective aligns with recent legislative efforts, such as Senator Cynthia Lummis’ introduction of the Boosting Innovation, Technology, and Competitiveness through Optimized Investment Nationwide (BITCOIN) Act of 2024. The bill proposes that the Department of the Treasury acquire 1 million bitcoins over a five-year period, aiming to strengthen the nation’s financial position and embrace digital assets.
As the U.S. government considers these proposals, industry leaders like Morehead continue to advocate for integrating cryptocurrencies into national financial strategies, reflecting a broader shift towards digital asset adoption.
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