At Consensus 2025 in Toronto, Pantera Capital founder Dan Morehead delivered an optimistic long-term forecast for Bitcoin, stating it could deliver strong returns for at least the next two decades.
Speaking on stage, Morehead said Bitcoin and the broader crypto sector still have “massive upside” ahead and remain core to his firm’s investment thesis.
Morehead revealed that 86% of Pantera’s investments have turned profitable, with 22 of those becoming unicorns — private startups now valued at over $1 billion. He credited this success to a disciplined approach that included passing on over 200 deals, including high-profile failures like FTX, Celsius, and BlockFi.
Diversified Approach and Global Shift
Pantera’s strategy, Morehead explained, hinges on diversifying across a range of cryptocurrencies and early-stage companies. He noted that 90% of crypto development and trading now happens outside the U.S., driven by regulatory overreach. However, he expressed optimism that the political shift in Washington will reverse this trend.
Morehead called the 2024 U.S. election “a huge unlock,” suggesting pro-crypto leadership could draw capital and innovation back to American shores.
Not All That Glitters
While Morehead focused on opportunity, fellow panelist Dan Tapiero — CEO of 10T and 1RT — issued a warning. He said startup valuations have become “detached from reality,” with some founders seeking 50x to 70x earnings multiples. Tapiero cautioned that such inflated expectations are unsustainable and could destabilize the venture side of the market.
Kosta Gushterov
Reporter at Coindoo
Kosta has been a part of the team since 2021 and has solidified his position with a thirst for knowledge, incredible dedication to his work and a “detective-like” mindset. He not only covers a wide range of trending topics, he also creates reviews, PR articles and educational content. His work has also been referenced by other news outlets.
