Pantera CEO: Bitcoin Still Has Potential for Excess Returns in the Coming Decades

At the Consensus 2025 conference held in Toronto, Pantera Capital founder and CEO Dan Morehead stated, "Bitcoin still has decades of excess return potential." He emphasized that Pantera continues to have confidence in this asset class. Morehead advised investors to "invest in a broad range of tokens and venture equity" to seize rapidly evolving market opportunities. He rarely disclosed that Pantera achieved an 86% profit in its portfolio and had invested in 22 unicorn companies valued over $1 billion. He also criticized the U.S. for its lag in crypto regulation, saying "90% of crypto trading and protocols are outside the U.S.—that's not right." However, he optimistically stated, "An electoral victory is a huge unlock," hoping that in the coming years, capital and innovation will flow back to the U.S.