Pantera Capital founder and CEO Dan Morehead instructed CNBC that Bitcoin might climb to $750,000 inside 4 to 5 years, arguing the asset nonetheless represents solely a “very low single-digit proportion of worldwide wealth” and has traditionally “roughly doubled yearly” throughout the agency’s 12 years in crypto. Morehead coupled the worth name with a stark consolidation thesis: solely a single-digit variety of base-layer blockchains will endure—led by Bitcoin, Ethereum, and Solana.
Why Bitcoin, Ethereum And Solana Will Succeed
Speaking on “Squawk Box,” Morehead framed Bitcoin’s upside as a perform of its penetration into international portfolios relatively than a speculative cycle. “I believe it might go as much as $750,000 within the subsequent 4 or 5 years,” he mentioned, reiterating that whereas a $1 million deal with could also be conceivable, it’s a longer-dated prospect. The forecast extends a through-cycle view Pantera has pushed since launching what it describes as the primary institutional bitcoin fund in 2013.
The Pantera chief additionally dismissed “winner-take-all” narratives in smart-contract platforms, however he narrowed the sphere decisively. “There’s a single-digit variety of layer ones… issues like Bitcoin, Ethereum, Solana—not hundreds, however positively not one,” he mentioned. In his view, these chains map to distinct use circumstances: “Bitcoin’s digital gold,” Ethereum anchors programmability, and Solana is “excellent on the efficiency blockchain.”
Morehead underscored Solana’s technical and market momentum to clarify why it belongs alongside Bitcoin and Ethereum within the long-run cohort. “Solana’s had higher efficiency than even Bitcoin over the past 4 years,” he famous, including that the community “might do 9 billion transactions a day,” a throughput he argued exceeds exercise throughout conventional capital markets.
While the precise comparative framing is debatable, the road displays Pantera’s view that Solana’s execution capability—mixed with low charges—has crossed a threshold the place “it’s not apparent you want a subsequent factor” for high-speed on-chain finance.
The interview doubled as a showcase for a brand new public-markets automobile providing direct, unlevered publicity to SOL whereas capturing native staking yield for fairness traders. Morehead forged the “digital asset treasury” construction as a bridge product in an period when large-cap crypto ETFs stay inconsistently out there.
“Right now there’s no [spot US] ETF [for Solana]. It’s very tough to get… For folks with a brokerage account, that is the simplest method to get entry,” he mentioned, describing staking as “cumbersome” for typical retail customers and positioning the listed automobile to automate validator choice and reward seize.
Pantera’s push matches a broader 2025 sample: public corporations elevating capital to carry programmatic positions in main cryptoassets—usually with staking overlays—after which itemizing on Nasdaq as fairness proxies for tokens with out spot ETFs.
Just hours earlier than Morehead’s look, Helius Medical Technologies introduced an oversubscribed $500 million financing led by Pantera and Summer Capital to launch a Solana-backed treasury technique, with a further $750 million in warrants that would elevate the automobile’s dimension to roughly $1.25 billion. Helius mentioned it could discover staking and conservative on-chain yield alternatives round its SOL reserves.
Asked to arbitrate Ethereum versus Solana, Morehead averted a binary name, returning to the identical consolidation arc: a number of large-cap winners, however far fewer than the hundreds of L1s launched over the past cycle.
The market’s job now, he implied, is to cost sturdy differentiation: Bitcoin as pristine collateral and macro hedge; Ethereum because the generalized settlement and execution layer for tokenized property and DeFi; Solana as a high-throughput venue for consumer-scale and market-microstructure-intensive purposes. “There can be numerous blockchains which can be necessary,” he mentioned, “however positively not one.”
At press time, Bitcoin traded at $115,319.
Featured picture created with DALL.E, chart from TradingView.com
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