Pantera Capital的创始人兼首席执行官Dan Morehead说，比特币（BTC）的长期潜力仍未开发

Pantera Capital的创始人兼首席执行官Dan Morehead表示，比特币（BTC）的长期潜力在很大程度上尚未开发。

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的创始人兼首席执行官Dan Morehead在周三在多伦多的Consensus 2025年表示，比特币（BTC）仍然拥有“数十年”的超大收益，尤其是当机构才刚刚开始将资本分配给资产级别时。

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.

莫尔黑德（Morehead）以他对BTC的看涨立场以及对元视频的敏锐兴趣而闻名，他参加了售罄的活动，与10T和1RT创始人兼首席执行官Dan Tapiero讨论了数字资产状况。

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

两人讨论了不断发展的投资格局，多元化方法的重要性以及宏观经济趋势在塑造市场周期中的作用。

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

莫尔黑德（Morehead）透露，潘特拉（Pantera）已经实现了86％的投资组合公司的利润，对公司的绩效指标提供了罕见的一瞥。

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

在Pantera投资的22家初创公司中，有10家继续达到“独角兽”身份，估值超过10亿美元。

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

为了浏览快速变化的加密货币景观，莫尔黑德建议投资者采用广泛的战略。

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

他说：“我们建议投资广泛的代币和风险股权。”

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

但是，Tapiero在加密启动领域中分享了有关交易流量和估值的鲜明视图。

“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."

“在这个领域，创始人认为他们应该以50至70倍的收入筹集资金。他们并不认为收入约30至40倍。”塔皮埃罗说，并补充说，这种期望是“不现实的”。

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，近年来，10T获得了大约200个投资机会，包括他们喜欢的一些公司，因为价格太高了。

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

在斩波块上的那些？ FTX，Celsius和Blockfi - 在丑闻和市场动荡中，其中三个后来崩溃了。

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

莫尔黑德（Morehead）继续强调加密活动日益国际性的性质。

“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.

莫尔黑德说：“ 90％的加密交易和协议都在美国以外的地方，这是不对的。”他指责监管惯性归因于出埃及记，但表达了对变革正在进行的乐观。

“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.”

莫尔黑德说：“选举胜利是一次巨大的解锁，”莫尔黑德说。 “我们要回到本来应该的，最近6到8年是一个怪异的异常。”

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

他希望未来几年将使资本和创新流回美国加密货币领域。