Pantera Capital founder and CEO Dan Morehead advised 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 world wealth” and has traditionally “roughly doubled yearly” throughout the agency’s 12 years in crypto. Morehead coupled the value 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
Talking on “Squawk Field,” Morehead framed Bitcoin’s upside as a operate of its penetration into international portfolios fairly than a speculative cycle. “I feel 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 sector decisively. “There’s a single-digit variety of layer ones… issues like Bitcoin, Ethereum, Solana—not 1000’s, however undoubtedly not one,” he mentioned. In his view, these chains map to distinct use instances: “Bitcoin’s digital gold,” Ethereum anchors programmability, and Solana is “superb on the efficiency blockchain.”
Morehead underscored Solana’s technical and market momentum to elucidate 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.
Whereas 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 buyers. Morehead solid the “digital asset treasury” construction as a bridge product in an period when large-cap crypto ETFs stay erratically out there.
“Proper now there’s no [spot US] ETF [for Solana]. It’s very tough to get… For individuals with a brokerage account, that is the best strategy 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.
Simply hours earlier than Morehead’s look, Helius Medical Applied sciences introduced an oversubscribed $500 million financing led by Pantera and Summer time Capital to launch a Solana-backed treasury technique, with a further $750 million in warrants that would carry the automobile’s dimension to roughly $1.25 billion. Helius mentioned it might discover staking and conservative on-chain yield alternatives round its SOL reserves.
Requested 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 1000’s 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 belongings and DeFi; Solana as a high-throughput venue for consumer-scale and market-microstructure-intensive functions. “There can be numerous blockchains which can be necessary,” he mentioned, “however undoubtedly not one.”
At press time, Bitcoin traded at $115,319.
Featured picture created with DALL.E, chart from TradingView.com
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