Bitcoin 2025 Conference: Industry Leaders Discuss Bitcoin Treasuries and Future Price
At the 2025 Bitcoin Conference in Las Vegas, Alex Thorn (Head of Firmwide Research, Galaxy Digital), Dan Morehead (Founder & Managing Partner, Pantera Capital), Dan Tapiero (Managing Partner, CEO, CIO of 10T Holdings + 1RoundTable Partners), and Adam Back (Co-founder & CEO, Blockstream) participated in a panel on the future of bitcoin treasury companies.
Bitcoin vs. Gold: Self-Custody and Asset Importance
Dan Tapiero opened by comparing bitcoin to gold: 'I really have always believed in that physical ownership that the individual has the right and should be able to own his own asset and so I started this physical gold business years ago. I think our focus today is further adoption and the elevation of Bitcoin. I think the understanding of Bitcoin as an important asset.' He stressed the principle of self-custody and the evolving perception of bitcoin as a crucial asset class.
Bitcoin Treasury Companies: The Challenge of Outperforming Bitcoin
When asked about bitcoin treasury companies, Adam Back replied, 'in effect, Blockstream is one of the first Bitcoin treasury companies. We have been around since 2014 and we work with our investors to put Bitcoin in a balance sheet... Bitcoin is effectively the hurdle rate; it’s very hard to outperform bitcoin. Most people ... thought, “oh, I should have put that in bitcoin and not in the other thing.”' He explained why companies are switching to a bitcoin standard: 'They start with a Bitcoin capital base. They use the operating in-revenue to buy more Bitcoin and then they are able to participate in this kind of micro arbitrage.' This allows them to keep pace with bitcoin’s appreciation.
Five-Year Bitcoin Price Predictions: $750k to $1 Million
Alex Thorn asked the panel for a five-year price forecast. Dan Morehead predicted $750,000; Dan Tapiero said $1,000,000; Adam Back stated 'a million easy.' The unanimity of these high targets underscores strong conviction in bitcoin’s long-term trajectory.
Retail Investors: Still Early
Adam Back closed by saying, 'It’s still early for the retail investors.' This comment reinforces the idea that despite significant adoption and price appreciation, the window for entry remains open, especially as institutional adoption and treasury strategies continue to expand.
The full panel discussion and Day 2 of the Bitcoin 2025 Conference are available below.