Speaking at the Ondo Summit in New York, Dan Morehead emphasized that short-term market pressure should not distract investors from long-term trends. According to Morehead, fiat currencies lose around 3% of their value annually on average, pushing investors toward scarce assets. While Bitcoin and gold share a similar store-of-value narrative, he argued that Bitcoin is likely to outperform gold by a wide margin over the next decade.
Morehead noted that the perception of paper money as a stable asset is misleading, adding that both Bitcoin and gold are increasingly viewed as rational long-term stores of value. He also pointed out that ETF inflows tend to rotate between the two assets over time, without altering the broader structural trend.
Tom Lee, who also participated in the panel, said the crypto market is moving away from the traditional four-year cycle model. According to Lee, the sharp deleveraging seen toward the end of 2025 had an even deeper impact than the November 2022 collapse. Morehead added that major institutional funds still have minimal exposure to crypto, which he sees as a clear sign that the market is not in a bubble.
