Pantera Capital’s Dan Morehead Predicts Decades of Bitcoin Growth

At Consensus 2025 in Toronto, Dan Morehead, CEO of Pantera Capital, asserted Bitcoin's long-term potential is largely untapped. He stated:

Pantera has profited from 86% of its portfolio companies.
The firm has invested in 22 startups that reached unicorn status (valuations over $1 billion).
Morehead recommended a broad investment approach across various tokens and venture equity.

Dan Tapiero, CEO of 10T and 1RT, expressed concerns about high valuations in the crypto space, noting:

Founders expect to raise capital at 50 to 70 times revenue, which he called unrealistic.
His firm passed on about 200 opportunities due to excessive pricing, including FTX, Celsius, and BlockFi.

Morehead highlighted the global nature of crypto, stating:

Ninety percent of trading and protocols occur outside the U.S.
He attributed this to regulatory inertia but remains optimistic about future changes.
Political shifts in the U.S. may lead to increased capital and innovation returning to the domestic crypto sector.