Bitcoin's (BTC) Long-Term Potential Remains Untapped, Says Dan Morehead, Founder and CEO of Pantera Capital

Bitcoin's (BTC) long-term potential remains largely untapped, according to Dan Morehead, founder and CEO of Pantera Capital, who took the Mainstage at Consensus 2025

Bitcoin (BTC) still has a "couple more decades" of outsized gains to offer investors, especially as institutions are only beginning to allocate capital to the asset class, Dan Morehead, founder and CEO of Pantera Capital, said Wednesday at Consensus 2025 in Toronto.

Morehead, known for his bullish stance on BTC and his keen interest in the metaverse, took the Mainstage at the sold-out event to discuss the state of digital assets with 10T and 1RT founder and CEO Dan Tapiero.

The pair discussed the evolving investment landscape, the importance of a diversified approach, and the role of macroeconomic trends in shaping market cycles.

Pantera has realized profits on 86% of its portfolio companies, Morehead disclosed, offering a rare glimpse into the firm’s performance metrics.

Of the 22 startups that Pantera has invested in, 10 went on to achieve “unicorn” status with valuations exceeding $1 billion.

To navigate the rapidly changing crypto landscape, Morehead suggests investors adopt a broad-based strategy.

“We advise investing in a wide spectrum of tokens and venture equity," he said.

However, Tapiero shared a stark view on deal flow and valuations in the crypto startup space.

“In this space, founders think they should be raising capital at 50 to 70 times revenue. They’re not thinking about 30 to 40 times earnings.” Tapiero said, adding that such expectations are "unrealistic."

In recent years, 10T passed on about 200 investment opportunities—including some companies they liked—because the price was too high, he disclosed.

Among those on the chopping block? FTX, Celsius and BlockFi—all three of which later collapsed amid scandals and market turmoil.

Morehead went on to highlight the increasingly international nature of crypto activity.

“Ninety percent of crypto trading and protocols are based outside the U.S.—which isn't right,” Morehead said. He blamed regulatory inertia for the exodus but expressed optimism that change is underway.

“The election win was a huge unlock,” Morehead said, referring to recent U.S. political shifts. “We’re coming back to what should have been, the last 6 to 8 years was a weird anomaly.”

He hopes the coming years will see capital and innovation flow back into the U.S. crypto sector.