Bitcoin News Today: Pantera's Morehead Advocates U.S. Swap $600B Gold Reserves for Bitcoin

A prominent crypto investor, Dan Morehead, CEO of Pantera Capital, has suggested that the U.S. government consider replacing its roughly $600 billion in gold reserves with Bitcoin, which he described as “digital gold.” Speaking on CNBC, Morehead argued that the United States should transition from traditional gold to a more modern and scalable digital asset, positioning Bitcoin as the logical successor [1]. His comments have reignited broader discussions around the U.S. government’s potential adoption of cryptocurrencies as a strategic financial move, particularly as Bitcoin continues to establish itself as a high-conviction asset class [1].

According to official central-bank data, the U.S. holds 8,133.5 metric tonnes of gold, a figure unchanged through Q2 2025 [1]. Morehead’s suggestion aligns with a growing narrative in financial and policy circles that digital assets, particularly Bitcoin, are gaining traction as a reserve asset. The Financial Times reported in January 2025 on Washington debates around the potential creation of a strategic Bitcoin reserve, noting that the U.S. already controls a significant amount of seized Bitcoin holdings—estimated in the tens of billions of dollars [1].

Bitcoin has been performing strongly in 2025, hitting a new all-time high of about $124,480 in early August, supported by rising institutional demand and a more favorable regulatory climate in the U.S. [1]. While Morehead’s proposal of a $600 billion Bitcoin purchase by the U.S. is speculative, it reflects the growing institutional interest in digital assets. The ongoing accumulation of Ethereum by large wallets and the rise in institutional inflows into spot ETFs highlight a broader trend toward long-term holding strategies in the digital asset space [2].

Morehead’s “gold out, BTC in” message remains advocacy rather than an announced policy. No U.S. agency has yet to issue a plan for such a large-scale transition, and gold remains a cornerstone of the U.S. reserve composition. However, the idea of rethinking the U.S. balance-sheet hedges is now in the mainstream policy conversation, driven by Bitcoin’s increasing valuation and adoption [1].

The shift in investor sentiment is evident in the net capital change in favor of altcoins, with Ethereum outpacing Bitcoin in recent inflows [2]. Over 1.035 million ETH—valued at approximately $4.17 billion—has been absorbed by large wallets since July 10, with much of this activity attributed to institutions or U.S.-listed firms [2]. On-chain data also shows that mega whale addresses now control over 41 million ETH—the highest level since 2022—indicating a tightening of supply and increased long-term conviction among large holders [2].

While the U.S. government has not made any official moves toward replacing gold with Bitcoin, the conversation is evolving. The U.S. already holds a large amount of seized Bitcoin and is actively considering broader crypto policy. Morehead’s vision of a $600 billion Bitcoin purchase remains a bold forecast, but it underscores the growing influence of digital assets in the global financial landscape [1].

Sources:

[1] https://zycrypto.com/billionaire-predicts-massive-600-billion-u-s-bitcoin-purchase-gold-out-btc-in/

[2] https://zycrypto.com/ethereum-soars-to-highest-level-since-2021-as-whales-accumulate-4-17-billion-eth/