Raoul Pal: The Journey Man Why It’s Still Early for Institutional Crypto Adoption ft. Dan Morehead
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Oct 23, 2025 
Dan Morehead, Founder and CEO of Pantera Capital, is a veteran macro investor and a trailblazer in crypto. In their discussion, Morehead highlights that institutional adoption of crypto is still in its infancy, with many institutions holding no exposure. He explains how monetary policy impacts asset prices, advocating for the potential of gold and Bitcoin amid fiat debasement. The conversation also covers the vital role of stablecoins, the tokenization of diverse assets, and the strategic accumulation of Bitcoin by sovereign nations.
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Blockchain Completes The Internet's Missing Layer
- Blockchain is the missing e-cash layer of the internet and will disrupt payments and cross-border transfers.
- Morehead expects fees and remittance costs to fall dramatically within years.
Stablecoins Threaten Bank Deposits
- Stablecoins can replace a large share of bank deposits and disintermediate traditional banking.
- Morehead sees yield-bearing stablecoins and non-bank lending replacing parts of bank deposit functions over a decade.
SVB Weekend Made Crypto Utility Visible
- During the SVB weekend many portfolio companies scrambled for payroll because funds were locked in the bank.
- Morehead preferred USDC or Bitcoin for instant access and safety compared to a defunct bank's deposits.