丹·莫尔黑德（Dan Morehead）：比特币有20年的上升空间，美国大选是加密货币的“巨大解锁”

在多伦多共识的2025年共识上，Pantera Capital创始人Dan Morehead对比特币进行了乐观的长期预测，并指出至少在接下来的二十年中，它可能会带来丰厚的回报。

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.

在2025年在多伦多共识的共识上，Pantera Capital创始人Dan Morehead对比特币提供了阳光明媚的长期愿景，预测旗舰加密货币至少有两十年的强劲增长。

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.

莫尔黑德（Morehead）在周三的小组讨论中说，比特币和更广泛的加密货币领域仍然“大量上升空间”，并且仍然是其公司投资论文的核心。

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.

他补充说，他公司的投资率达到了86％，现在有22家初创公司成为独角兽 - 私人初创公司现在价值超过10亿美元。他将这一成功归功于纪律严明的方法，其中包括通过200多笔交易，包括FTX，Celsius和Blockfi等备受瞩目的失败。

"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."

“在过去的12年中，我们完成了大约300笔交易，我们经历了大约200笔交易。因此，我们看到许多公司和项目都通过了，我们对投资非常有选择性。我认为这是我们成功的关键部分。”

Diversified Approach and Global Shift

多元化的方法和全球转变

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.

莫尔黑德（Morehead）解释说，潘特拉（Pantera）的战略是在一系列加密货币和早期公司中多样化。这种方法旨在最大程度地提高回报，同时减轻风险。

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.

他指出，由于他所说的“过度”的监管干扰，大多数加密开发和交易的大多数（约90％）现在发生在美国以外。但是，莫尔黑德（Morehead）表示乐观的是，随着华盛顿政治领导的转变，这种趋势将逆转。

"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."

“我认为2024年的美国大选是一个巨大的解锁。如果您在美国获得亲克赖特的领导力，您将开始看到这种创新和资本的全球转变的逆转。”

Not All That Glitters

不是所有的闪闪发光

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.

莫尔黑德（Morehead）专注于机会时，小组成员丹·塔皮埃罗（Dan Tapiero）（10T和1RT的首席执行官）发出了警告。他说，初创估值已“与现实相距脱节”，一些创始人寻求50倍至70倍的收益倍数。

Tapiero cautioned that such inflated expectations are unsustainable and could destabilize the venture side of the market.

塔皮埃罗（Tapiero）警告说，这种膨胀的期望是不可持续的，可能会破坏市场的风险投资方面。

"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."

“私人市场和初创公司有很多泡沫。我们看到创始人在自己的初创公司（即香蕉）上获得了50倍至70倍的收益倍数。”

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

他敦促初创企业专注于提供强大的基本原理和价值创造，而不是寻求过多的估值。

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

“毫不奇怪，我们看到初创企业生态系统中有些动荡，因为没有满足这些高期望。”

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

本文最初发表在Benzinga上，并已为Clearbit编辑。