Bitcoin’s (BTC) long-term potential stays largely untapped, based on Dan Morehead, founder and CEO of Pantera Capital, who took the Mainstage at Consensus 2025 in Toronto on Wednesday.
“There are a pair extra a long time to go of outsized returns in bitcoin,” Morehead informed the viewers, underscoring Pantera’s ongoing conviction within the asset class.
Morehead supplied a uncommon look into Pantera’s efficiency metrics, noting that the agency has turned a revenue on 86% of its portfolio firms. Pantera has additionally invested in 22 startups which have gone on to realize “unicorn” standing with valuations exceeding $1 billion.
To seize alternatives in a fast-evolving panorama, Morehead beneficial traders undertake a broad-based method. “We advise investing in a large spectrum of tokens and enterprise fairness,” he stated.
On the identical panel at Consensus, Dan Tapiero, founder and CEO of 10T and 1RT, shared a sobering view on deal movement and valuations.
“On this area, founders suppose they need to be elevating capital at 50 to 70 instances income,” Tapiero stated, calling the expectations “unrealistic.”
Tapiero stated his agency handed on roughly 200 funding alternatives lately, together with some firms they genuinely favored. “We robotically handed on lots of these offers as a result of the worth was simply too excessive,” he famous.
Amongst these they declined? FTX, Celsius, and BlockFi, all three of which later collapsed amid scandals and market turmoil.
Morehead additionally addressed the more and more worldwide nature of crypto exercise. “Ninety % of crypto buying and selling and protocols are primarily based outdoors the U.S.—which is not proper,” he stated. He blamed regulatory inertia for the exodus however expressed optimism that change is underway.
“The election win was an enormous unlock,” Morehead stated, referring to current U.S. political shifts. “We’re coming again to what ought to have been, the final 6 to eight years was a bizarre anomaly.” He hopes the approaching years will see capital and innovation movement again into the U.S. crypto sector.
Learn extra: ‘$500K Bitcoin Would Seal It’: Scaramucci Says Crypto Is on the Cusp of Becoming an Asset Class
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