Bitcoin’s (BTC) long -term potential remains largely untapped, according to Dan Morehead, founder and CEO of Panttera Capital, who took a carrier at Consensus 2025 in Toronto on Wednesday.

“There are a few decades to go out of the big return in Bitcoin,” Morehead told the audience, emphasizing Pantera’s ongoing conviction in the asset class.

Morehead offered a rare look at Pantera’s performance measurements and noted that the company has turned a profit of 86% of its portfolio companies. Pantera has also invested in 22 startups, which has continued to achieve “unicorn” status with valuations exceeding $ 1 billion.

To capture opportunities in a rapidly evolving landscape, Morehead investors recommended a broad-based approach. “We recommend investing in a wide range of tokens and daring equity,” he said.

On the same panel at consensus, Dan Tapiero, founder and CEO of 10T and 1RT, shared a sober view of Deal Flow and Valuations.

“In this space, founders think they should raise capital for 50 to 70 times revenue,” Tapiero said, calling expectations “unrealistic.”

Tapiero said his company went on to about 200 investment opportunities in recent years, including some companies they really liked. “We automatically transferred many of these offers because the price was just too high,” he noted.

Among them did they reject? FTX, Celsius and Blockfi, all three of which later collapsed in the middle of scandals and market suro.

Morehead also approached the increasingly international nature of crypto activity. “Ninety percent of crypto trading and protocols are based outside the United States – which is not right,” he said. He accused legislative inertia of emigration, but expressed optimism that changes are underway.

“The electoral victory was a huge unlock,” Morehead said, referring to the recent US political shifts. “We will come back to what should have been, the last 6 to 8 years was a strange deviation.” He hopes that the coming years will see capital and innovation flow back in the US crypto sector.

Read more: ‘$ 500K Bitcoin would seal it’: Scaramucci says crypto is on the tip of becoming an asset class

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