The debate around hedging the U.S. balance sheet has intensified after Dan Morehead, CEO of Pantera Capital, told CNBC that the United States should shift from gold to "digital gold," arguing that the country "holds $600 billion in gold." He urged a transition to Bitcoin.
Buying Bitcoin worth $600 billion
Morehead, a billionaire cryptocurrency investor, told CNBC that the United States holds about $600 billion in gold and should "shift to digital gold... Bitcoin." His remarks aligned with subsequent media reports regarding cryptocurrencies related to the interview. According to official central bank data, the United States holds 8,133.5 tons of gold, unchanged through the second quarter of 2025.
The new landscape of Bitcoin in the U.S. policy map
This year, the political discussion around the federal "Bitcoin Reserve" has shifted from marginal to mainstream. The Financial Times published a report in January 2025 about discussions in Washington regarding a strategic Bitcoin reserve, noting that the United States currently holds a large amount of seized Bitcoin - estimated in the tens of billions of dollars.
Bitcoin reached a new all-time high this summer, with the Financial Times reporting it hitting a new record of around $124,480 in early August 2025, driven by increasing institutional demand and more optimistic U.S. political signals. While Morehead calls for the rotation, no U.S. agency has announced plans to sell gold or buy Bitcoin on such a scale.
Why is gold still the baseline?
Gold remains a cornerstone of official reserves around the world. The United States is the largest holder of gold, with a share of 8,133.5 tons, according to the World Gold Council's country rankings. This gold forms the basis of reserve structures, even as policymakers consider access to digital assets.
Morehead's message - "gold out, Bitcoin in" - was clear, but it was still more of a call than a policy. The facts are clear today: the United States holds 8,133.5 tons of gold; the market value of this reserve could reach hundreds of billions of dollars, depending on transaction values; and Washington holds billions of dollars worth of seized Bitcoin while considering broader cryptocurrency policy.
Buy and trade from here .....