Summary
- The CEO of Pantera Capital predicted that the US government will sell its gold holdings and invest up to $600 billion in Bitcoin.
- Dan Morehead criticized gold holdings as outdated, suggesting that gold will transition to Bitcoin over time.
- The US gold, when converted to current market prices, would increase more than 70 times its book value, raising the possibility of revaluation.
Dan Morehead, CEO of Pantera Capital, predicted that the US government will sell its gold holdings and invest up to $600 billion in Bitcoin (BTC).
According to cryptocurrency media outlet CoinDue on the 24th, Morehead recently stated in a speech, "The US has '110 million years' worth of labor wages' buried in gold at Fort Knox, Kentucky," noting, "This is an extremely outdated method, akin to what pharaohs did 40 centuries ago." He emphasized that "this gold will transition to Bitcoin over time."
The media added, "This statement reflects the view of Bitcoin as the reserve asset of the digital age and suggests the possibility of a paradigm shift in government financial management."
Meanwhile, the 8,133 tons of gold held by the US have been valued at $42.22 per ounce on the books since 1973. When converted to current market prices, the total value would increase more than 70 times the book value. Therefore, some have proposed using the revalued gold to address the US fiscal deficit, a concept known as the 'US Gold Revaluation Theory.'
Minseung Kang
minriver@bloomingbit.ioBlockchain journalist | Writer of Trade Now & Altcoin Now, must-read content for investors.![[Market] Bitcoin falls below $71,000…Lowest level since October 2024](https://media.bloomingbit.io/PROD/news/0e5880b9-61dd-49d4-9d2e-c47a3fb33a93.webp?w=250)
