How to Find 1,000x Returns in Crypto with Dan Morehead

How do you find an asset with 1000x asymmetric return? How do you find the next bitcoin?

Our guest today is Dan Morehead, founder and managing director at Pantera Capital. He has been buying bitcoin since 2013 when the price was just $65. His fund is up over 100x since then.

There’s a lot to learn from Dan’s story, about early bitcoin history, but also the pattern recognition required to identify asymmetric assets. We cover price predictions, 4 year cycles vs a supercycle, how much upside is still in crypto, the trump administration and his thoughts on a strategic bitcoin reserve

TIMESTAMPS

0:00 Intro
3:04 The Email from 2013
11:21 Asymmetric Patterns
14:54 Buying Bitcoin in 2013
23:31 Onboarding Investors
29:17 Crypto's Global Adoption
34:19 Bitcoin's Escape Velocity
40:22 US Government Impact on Crypto
51:12 Global Bitcoin Race
56:00Institutional Adoption for Crypto
59:31 Crypto Cycles
1:04:11 2025 Bull Market?
1:07:54 Macro Environment
1:11:49 Tokenization
1:16:17 Thoughts on AI
1:19:19 The Next Bitcoin
1:21:45 Future Plans
1:22:27 Closing & Disclaimers

RESOURCES

Dan Morehead
https://x.com/dan_pantera

Pantera Capital
https://panteracapital.com/

Not financial or tax advice. See our investment disclosures here:
https://www.bankless.com/disclosures⁠