Why does Dan Morehead think Bitcoin is undervalued?

Morehead uses four-year logarithmic trend analysis to benchmark Bitcoin's current price against its historical trajectory. He says Bitcoin is 43% below that trend, while a Pantera-tracked AI stock index is 33% above, a 76-point divergence he calls the largest on record.

What is Pantera Capital?

Pantera Capital is one of the world's oldest dedicated crypto investment firms, founded in 2003. It launched the first US institutional Bitcoin fund in 2013, buying BTC at $65, and now manages over $5 billion in assets. Morehead previously worked at Goldman Sachs and Tiger Management.

How are AI and crypto linked according to Morehead?

Morehead argues AI agents will require blockchain-based payment infrastructure to function autonomously, since they cannot access traditional banking. He views this as a structural dependency, not a trend, and Pantera has active investments at the AI-blockchain intersection.

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Pantera's Dan Morehead: Is Bitcoin Undervalued in Today's Crypto Market?

Shubham Goyal

May 28, 2026