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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Debasement Is The Dominant Macro Force
- Global monetary debasement is driving asset prices higher and paper money lower.
- Dan Morehead warns sustained fiscal deficits plus easing policy make bad macro outcomes likely over years.
Liquidity Index Explains Tech And Crypto
- The global liquidity index correlates strongly with Nasdaq and Bitcoin since 2012.
- Raoul Pal calls this the single dominant macro factor of their investing careers.
Institutions Are Still Largely Absent
- Institutional adoption of crypto remains tiny: median institutional exposure is effectively zero.
- Dan Morehead argues that because 'smart money' largely isn't invested yet, the opportunity is still early.