The debate over U.S. balance sheet risk mitigation measures intensified after Pantera Capital CEO Dan Morehead stated on CNBC that the U.S. should shift from gold to 'Digital Gold', arguing that the country is 'Holding $600 Billion in Gold'. He urged a move to Bitcoin.

Buy $600 Billion Worth of Bitcoin

Morehead, a billionaire cryptocurrency investor, told CNBC that the U.S. holds about $600 billion in gold and should 'shift to digital gold... Bitcoin'. His comments align with subsequent articles in the cryptocurrency media about the interview. According to official central bank data, the U.S. holds 8,133.5 tons of gold - unchanged until Q2 2025.

The New Context of Bitcoin in the U.S. Policy Map

This year, discussions about federal 'Bitcoin reserve' policy have shifted from a fringe topic to mainstream. The Financial Times reported in January 2025 on debates in Washington surrounding a strategic BTC reserve and noted that the U.S. currently holds a large amount of seized Bitcoin - estimated to be worth tens of billions of dollars.

Bitcoin set a new record this summer, as the Financial Times reported a new all-time high of around $124,480 in early August 2025, supported by rising institutional demand and more friendly U.S. policy signals. While Morehead advocates for rotation, no U.S. agency has announced plans to sell gold or buy Bitcoin on such a large scale.

Why Gold Remains the Baseline

Gold remains the official reserve anchor worldwide. According to the World Gold Council's country rankings, the U.S. is the largest holder of gold, with 8,133.5 tons. This amount of gold forms the foundation for the reserve structure, even as policymakers consider accessing digital assets.

Morehead's message - 'Gold out, BTC in' - is very clear, but it remains more of a movement than a policy. The verified facts today: The U.S. holds 8,133.5 tons of gold; the market value of this reserve could reach hundreds of billions of dollars depending on trading value; and Washington has held billions of dollars of seized Bitcoin while considering broader cryptocurrency policy.