“It’s not too late to get into the crypto market,” says Pantera fund manager.
In the context of Bitcoin (BTC) just setting a new historical peak at 126,000 USD, Mr. Cosmo Jiang, Portfolio Manager of Pantera Capital - one of the world's leading cryptocurrency investment funds - commented that the crypto game has just begun.
According to Mr. Jiang, although Bitcoin price has increased sharply in recent times, most traditional investors are still staying out of the market. He cited a recent survey by Bank of America, which showed that more than 60% of individual and institutional investors still do not hold any digital assets. This means that the crypto market still has a large amount of potential cash flow that has not been exploited.
Jiang believes that over the past few years, Bitcoin has been on a journey of legitimization and widespread recognition. The emergence of spot Bitcoin ETFs and the acceptance of BTC by many major financial institutions in the US have marked an important turning point in the history of the development of this asset class.
According to him, the next phase of the market will be the stage for altcoins like Ethereum (ETH) and Solana (SOL) – blockchain platforms that are growing strongly and have the potential to become “tech giants of the Web3 era”.
Jiang believes that blockchains with fast processing speeds, low fees, and high scalability will be key to attracting real users and global businesses, not just speculators.
In the third quarter of 2025 alone, global crypto fund investment Capital surpassed $20 billion, up nearly 70% year-on-year. Many large funds such as BlackRock, Fidelity, and Pantera have expanded their portfolios to include DeFi, AI-chain, and real asset Token (RWA) projects – evidence that the market is moving from the speculative phase to the development of real applications.
At the same time, the growth of stablecoins and decentralized payment infrastructure is ushering in a new era of finance where users can transact across borders in seconds at extremely low costs.
Future perspective: Opportunities are still wide open
According to Jiang, we are entering the second growth cycle of crypto, where projects with real value, clear business models and widespread adoption will prevail. He asserted:
“If you feel like you missed out on Bitcoin, think again. The crypto market is only in the first chapter of its story. There are many projects waiting to be discovered.”
With the global economy gradually accepting digital assets as a legitimate part of the financial system, and the Trump administration taking a more friendly stance towards the industry, analysts believe that crypto could enter a growth cycle that will last throughout the 2025–2028 period.
From Pantera's perspective, “it's not too late” — and may even be the golden time for investors to prepare for the era of Web3 and true decentralized finance.
