The AI-crypto disconnect: Why Pantera’s CEO thinks institutions are missing the boat on bitcoin

Pantera Capital CEO Dan Morehead says the "biggest divergence in history" has left AI stocks fully priced while bitcoin remains massively undervalued at 43% below its historical trend. What to know : Dan Morehead, founder and CEO of Pantera Capital, said cryptocurrency markets are “incredibly cheap” compared with what he views as overheated artificial intelligence stocks. Citing Pantera’s internal data, he said leading AI companies trade about 33 percent above their four-year log trend, while bitcoin is roughly 43 percent below its historical trajectory, creating what he called the biggest divergence on record. Morehead argued that limited institutional exposure, crypto’s four-year market cycle and its role as a hedge against currency debasement support a long-term bullish case, even as capital continues to favor AI in the near term.