Dan Morehead: Bitcoin Has 20 Years of Upside, U.S. Election Is “Huge Unlock” for Crypto

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.

At Consensus 2025 in Toronto, Pantera Capital founder Dan Morehead delivered a sunny long-term vision for Bitcoin, predicting at least two more decades of strong gains for the flagship cryptocurrency.

Speaking on a panel discussion on Wednesday, Morehead said Bitcoin and the broader crypto sector still have “massive upside” ahead and remain core to his firm’s investment thesis.

His firm’s investments have seen an 86% win rate, with 22 startups now becoming unicorns — private startups now valued at over $1 billion, he added. He credited this success to a disciplined approach that included passing on over 200 deals, including high-profile failures like FTX, Celsius, and BlockFi.

"We’ve done about 300 deals in the last 12 years, and we’ve passed on about 200 of them. So, we see a lot of companies and projects come through, and we’re very selective with our investments. I think that’s been a key part of our success."

Diversified Approach and Global Shift

Pantera’s strategy, Morehead explained, is to diversify across a range of cryptocurrencies and early-stage companies. This approach aims to maximize returns while mitigating risk.

He noted that the majority, about 90%, of crypto development and trading now occurs outside the U.S., driven by what he described as “excessive” regulatory interference. However, Morehead expressed optimism that this trend will reverse with a shift in political leadership in Washington.

"I think the 2024 U.S. election is a huge unlock. If you get pro-crypto leadership in the U.S., you’ll start to see a reversal of this global shift in innovation and capital."

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.

"There’s a lot of froth in the private markets and startups. We’re seeing founders get 50x to 70x earnings multiples on their own startups, which is bananas."

He urged startups to focus on delivering strong fundamentals and value creation rather than seeking excessive valuations.

"It’s not surprising that we’re seeing some turbulence in the startup ecosystem as these high expectations are not being met."

This article was originally published on Benzinga and has been edited for Clearbit.