Pantera’s Dan Morehead Sees Decades of Bitcoin Upside Ahead

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Ah, Bitcoin—the shimmering treasure chest of the digital age, which seems to promise eternal riches for those with the patience of saints. Dan Morehead, the ever-optimistic oracle of Pantera Capital, stands firm in his belief that we’re only just beginning this glorious roller-coaster ride. According to him, there’s a whole couple of decades ahead of us with Bitcoin’s upside, which, if we’re being honest, sounds as thrilling as discovering a new galaxy where everything is made of gold (or at least, digital gold).

He graced the Mainstage at Consensus 2025 in Toronto, and his words were as enchanting as a siren’s call to the would-be investors: “There are a couple more decades to go of outsized returns in bitcoin,” he declared, in case anyone had dared to doubt the unwavering faith of Pantera in this most volatile of assets.

Now, one might wonder—has Morehead gone off the deep end with all this talk of decades? Perhaps, but the man does have the numbers to back him up. In an unusually candid moment, he revealed that 86% of Pantera’s portfolio companies had turned a profit, and the firm has invested in 22 startups that have gone on to become the high-flying unicorns of Silicon Valley. So, perhaps he knows a thing or two about turning digital sand into gold.

His investment advice? It’s as simple as it is profound: diversify, my dear Watson. “We advise investing in a wide spectrum of tokens and venture equity,” he said, as though he were recommending the finest selection of fine wines for the discerning investor’s palate.

But wait! Not everyone at the panel was sipping on the same optimistic Kool-Aid. Enter Dan Tapiero, founder and CEO of 10T and 1RT, who brought a refreshing dose of realism to the conversation. He took a hard look at the current state of the market and declared, in no uncertain terms, that “founders think they should be raising capital at 50 to 70 times revenue.” A figure, he hastened to add, that is utterly unrealistic. Oh, how we love a bit of brutal honesty to cut through the endless jargon of the crypto world!

Tapiero’s firm had passed on around 200 investment opportunities in recent years, including some companies they genuinely liked—because, alas, the prices were simply too high. Among those he declined? The notorious FTX, Celsius, and BlockFi, which, as we know, all met untimely and catastrophic ends amidst scandals and market chaos. So, perhaps Tapiero is onto something with his cautious approach. Who needs a high-risk, high-reward rollercoaster when you could just take the merry-go-round?

But fear not, dear crypto enthusiasts, for Morehead is here to remind us that the world is bigger than a few fallen stars. He pointed out the curious case of crypto’s international allure. “Ninety percent of crypto trading and protocols are based outside the U.S.—which isn’t right,” he quipped, casting a critical glance at the sluggish U.S. regulatory landscape. But never fear! He’s optimistic that change is nigh, and that the U.S. will once again reclaim its position as the golden land of crypto innovation. Perhaps next time we’ll see Silicon Valley swap its avocado toast for blockchain algorithms.

In closing, Morehead looked to the future with a glint in his eye. “The election win was a huge unlock,” he said, referring to recent U.S. political shifts. “We’re coming back to what should have been—the last 6 to 8 years were a weird anomaly.” A new dawn for the U.S. crypto sector is on the horizon, and with it, a flood of capital and innovation (or so Morehead hopes). One can almost hear the distant chime of opportunity calling to us from the horizon.

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2025-05-14 23:39