At the 2025 Bitcoin Conference in Las Vegas, the Head of Firmwide Research at Galaxy Digital Alex Thorn, Founder and Managing Partner of Pantera Capital Dan Morehead, Managing Partner, CEO, CIO of 10T Holdings + 1RoundTable Partners Dan Tapiero and the Co-founder & CEO of Blockstream Adam Back discussed the future of Bitcoin treasury companies.
Dan Tapiero started by sharing his opinion on how he sees Bitcoin in comparison 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,” said Tapiero. “I think our focus today is further adoption and the elevation of Bitcoin. I think the understanding of Bitcoin as an important asset.”
Adam Back was asked what he thought about Bitcoin treasury companies and he responded, “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 back then and since then. I think the way to look at the treasury companies is Bitcoin is effectively the harder rate. It’s very hard to outperform Bitcoin most people that invest in things since Bitcoin around thought I should put that in Bitcoin and not in the other thing.”
Then Adam continued by explaining what treasury companies do.
“That’s why you get companies switching to the Bitcoin standard because it’s the only way for them to keep up with Bitcoin,” stated Back. ”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.”
Finishing the panel, Alex Thorn asked, “Five years from now what is the price of Bitcoin?”
Dan Morehead predicted $750,000k, Tapiero $1,000,000 and Back said, “a million easy.”
Adam back closed by saying, “It’s still early for the retail investors.”
You can watch the full panel discussion and the rest of the Bitcoin 2025 Conference Day 2 below:
