Pantera Capital的創始人兼首席執行官Dan Morehead說，比特幣（BTC）的長期潛力仍未開發

Pantera Capital的創始人兼首席執行官Dan Morehead表示，比特幣（BTC）的長期潛力在很大程度上尚未開發。

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.

Pantera Capital的創始人兼首席執行官Dan Morehead在周三在多倫多的Consensus 2025年表示，比特幣（BTC）仍然擁有“數十年”的超大收益，尤其是當機構才剛剛開始將資本分配給資產級別時。

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.

莫爾黑德（Morehead）以他對BTC的看漲立場以及對元視頻的敏銳興趣而聞名，他參加了售罄的活動，與10T和1RT創始人兼首席執行官Dan Tapiero討論了數字資產狀況。

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

兩人討論了不斷發展的投資格局，多元化方法的重要性以及宏觀經濟趨勢在塑造市場週期中的作用。

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

莫爾黑德（Morehead）透露，潘特拉（Pantera）已經實現了86％的投資組合公司的利潤，對公司的績效指標提供了罕見的一瞥。

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

在Pantera投資的22家初創公司中，有10家繼續達到“獨角獸”身份，估值超過10億美元。

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

為了瀏覽快速變化的加密貨幣景觀，莫爾黑德建議投資者採用廣泛的戰略。

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

他說：“我們建議投資廣泛的代幣和風險股權。”

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

但是，Tapiero在加密啟動領域中分享了有關交易流量和估值的鮮明視圖。

“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."

“在這個領域，創始人認為他們應該以50至70倍的收入籌集資金。他們並不認為收入約30至40倍。”塔皮埃羅說，並補充說，這種期望是“不現實的”。

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

他透露，近年來，10T獲得了大約200個投資機會，包括他們喜歡的一些公司，因為價格太高了。

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

在斬波塊上的那些？ FTX，Celsius和Blockfi - 在醜聞和市場動盪中，其中三個後來崩潰了。

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

莫爾黑德（Morehead）繼續強調加密活動日益國際性的性質。

“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.

莫爾黑德說：“ 90％的加密交易和協議都在美國以外的地方，這是不對的。”他指責監管慣性歸因於出埃及記，但表達了對變革正在進行的樂觀。

“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.”

莫爾黑德說：“選舉勝利是一次巨大的解鎖，”莫爾黑德說。 “我們要回到本來應該的，最近6到8年是一個怪異的異常。”

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

他希望未來幾年將使資本和創新流回美國加密貨幣領域。