Pantera Capital's Dan Morehead Envisions Decades of Bitcoin Growth Ahead

According to Dan Morehead, founder and CEO of Pantera Capital, the long-term potential of Bitcoin remains largely untapped. Speaking at Consensus 2025 in Toronto, Morehead expressed his conviction that there are several decades of exceptional returns ahead for the asset class. Morehead revealed that Pantera has achieved a profit on 86% of its portfolio companies and has invested in 22 startups that have reached 'unicorn' status with valuations exceeding $1 billion. He advised adopting a broad-based investment approach, covering a wide spectrum of tokens and venture equity to capitalize on opportunities in the rapidly evolving landscape. During the same panel discussion, Dan Tapiero, founder and CEO of 10T and 1RT, offered a more cautious perspective on deal flow and valuations, describing founders' expectations of raising capital at 50 to 70 times revenue as 'unrealistic.' Tapiero's firm has passed on approximately 200 investment opportunities in recent years due to high prices, including FTX, Celsius, and BlockFi, which later collapsed. Morehead also addressed the international nature of crypto activity, stating that 90% of crypto trading and protocols are based outside the U.S., which he attributed to regulatory inertia. However, he expressed optimism that recent U.S. political shifts will lead to change, allowing capital and innovation to flow back into the U.S. crypto sector.