Bitcoin vs Gold: What 2026 Holds for Investors Artwork

Stateful

On Stateful, we go deep into blockchain venture capital: investing in DeFi, digital asset treasuries, Solana, and the frontier of Web3 infrastructure. Each episode unpacks Pantera’s new investments, explores the dynamics of asymmetric returns, and provides insights into the projects and protocols shaping the next generation of finance.

Whether you’re a founder, investor, or simply blockchain-curious, Stateful brings you behind the curtain with the team that’s been first to nearly every milestone in the space.

Pantera Capital was the first U.S. institutional asset manager exclusively focused on blockchain technology, launching the first U.S. crypto fund when bitcoin traded at $65. Since 2013, Pantera has pioneered venture equity, early-stage tokens, and liquid digital asset strategies—backing more than 100 blockchain companies and 110 token projects globally.

All Episodes

Stateful

Bitcoin vs Gold: What 2026 Holds for Investors

January 13, 2026 • Pantera Capital • Season 1 • Episode 3

0:00 | 56:42

Mason Nystrom sits down with Mike Kremer (Tulip King, CounterpartyTV) and Brian Breslow (No Limit Holdings) to break down Bitcoin's 2025 underperformance vs gold and what's next for crypto.2025 Reality Check:

Bitcoin went negative while gold rallied 60%. De-dollarization happened—but nations chose gold over Bitcoin. Why? Bitcoin's $2T market cap wasn't ready to absorb central bank-scale flows. Gold's $20T was.Key Topics:

Bitcoin's bottoms-up adoption: Nations will be last, not first
Crypto's "Amazon bottom" moment and finding winners
Tether flipping Ethereum at $500B valuation (and why it's bullish)
DEXs vs CEXs: Hyperliquid's path to taking down Binance
Equity perps: 20-30% of perp volume by year-end

Bold Take: Losing L1 monetary premium destroys $500B of "fake" market cap but creates $50B in real businesses.

The views expressed in the podcast are those of the individual personnel quoted and are not the views of Pantera Capital Partners LP or its affiliates (“Pantera”). The podcast is provided for informational purposes only to provide market commentary and for general educational purposes, and should not be relied upon as legal, business, investment, or tax advice. The podcast is not directed at nor intended for use by any investors or prospective investors and may not under any circumstances be relied upon when making a decision to invest. Please see additional important disclosures related to the content discussed in the podcast here.