I was thinking about something Dan Morehead from Pantera Capital said on a panel in New York this week. Basically, he believes that Bitcoin will bury gold in the next 10 years. Like, massively.

His argument is pretty simple: fiat currencies are losing 3% of their value per year, which means over a lifetime you lose about 90% of purchasing power. So it makes total sense to invest in something with a fixed supply, like gold or Bitcoin. But Bitcoin has other advantages that gold doesn’t have, right?

What I found interesting is that Tom Lee, who was on the same panel, questioned that four-year cycle thesis everyone keeps repeating. Lee from Fundstrat argued that the crypto market has changed. He pointed out things like increasing Ethereum activity and that bigger crash that happened in October 2025, which was worse than November 2022. In other words, the cycles are no longer as predictable as they used to be.

But what really caught my attention was the point about institutional exposure. Morehead said that practically none of the big corporations worth $100 billion have Bitcoin or crypto. You stop to think about that and see that we’re still at the beginning. You can’t have a bubble when the average participation of institutional investors is literally zero.

The reasons that previously kept big players away are disappearing. Custody has improved, regulation has become clearer. Morehead mentioned that blockchain had an 80% annual return over 12 years with low correlation to stocks. Like, there has never been an asset class like this in history.

Lee added that crypto is quietly becoming invisible within the financial system. Stablecoins, tokenized assets, crypto-powered neobanks. People will be using crypto without even realizing they’re using it.

Regarding regulation, both agree that the US is at a turning point. They’ve moved from a completely negative scenario to something more neutral. Morehead still sees a possible global rush for Bitcoin, with countries realizing it’s crazy to keep entire economies in assets that can be canceled by political decisions. Bitcoin makes a lot more sense in this context.

BTC is around $71.65k right now, XRP dropped to $1.33. But if you’re thinking long-term like these guys, short-term fluctuations are just noise.