Conversation with the founder of Pantera: From buying BTC at $65 to now, the crypto revolution has only completed 15%.

On the Bankless podcast, Pantera Capital founder Dan Morehead shared his experience of buying Bitcoin at $65 in 2013 and reflected deeply on the future of the cryptocurrency market. He believes the crypto revolution has only completed 15%, with enormous potential still ahead. Morehead emphasized the asymmetrical investment opportunity of Bitcoin, which, despite several market crashes, has set new highs each time. He predicts that August 2025 will be the peak of this cycle and believes that there is still significant upside for Bitcoin, potentially reaching a market cap of $15 trillion. Morehead also pointed out that institutional investors' attitudes towards cryptocurrency are changing, and the success of ETF products is a significant breakthrough. He believes that blockchain technology will continue to evolve and deeply integrate with fields like AI, providing more opportunities for future investors.