- Pantera Capital’s Cosmo Jiang believes the crypto cycle has room to run, citing a BofA survey where over 60% of investors report 0% crypto exposure.
- Jiang states the early cycle focused on legitimising Bitcoin, but the next phase shifts focus to other networks.
- He highlights Solana as the future mega-cap tech platform that, along with Ethereum, will define the next leg of growth, aided by clarifying regulation like the CLARITY Act.
Cosmo Jiang, general partner at Pantera Capital, said the crypto cycle has room to run because most investors remain unexposed.
Bitcoin recently reached a new ATH, trading above US$126,000 (AU$195,300), yet when asked about the percentage of investors holding crypto, Jiang cited a recent Bank of America survey indicating over 60% of them report 0% crypto exposure.
That’s quite a lot, and so the idea that digital assets and being too late in the game isn’t true if most people don’t own it.
Cosmo Jiang, General Partner at Pantera CapitalAdoption is quite low still. For instance, the National Cryptocurrency Association’s May 2025 State of Crypto found 21% of US adults own any crypto, while ApeX Protocol’s September report put UAE ownership at 25.3% despite that market’s leadership in adoption.
Related: Coinbase Seeks Federal Trust Charter to Bolster Regulatory Standing
Most Remain Unexposed to Crypto, Jiang Says
Jiang said early-cycle participation is still forming, pointing to rising ETF demand and two-sided flows, with profit-takers selling into strength and new entrants allocating.
He added that Pantera’s recent push has been to normalise Bitcoin for mainstream investors and that the next phase shifts toward other networks. In this regard, Ethereum and Solana are two of the fastest-growing platforms likely to define the next leg, but highlighted Solana as the future mega-cap tech platform, Jiang said.
From our perspective, everything that’s happened over the last few years, it’s been all about legitimizing Bitcoin and now I think a lot of people get it. The next step, and really what Congress legislation is really enabling is for the rest of the digital assets to really have their place. Ethereum, Solana; these are large tech platforms (…) and we believe Solana is in pace to be what could be the next-generation mega-cap tech platform.
Cosmo Jiang, General Partner at Pantera CapitalYet policy signals remain a key variable with recent bills passed and are currently changing the landscape, starting with the GENIUS Act, signed in July to govern stablecoins, and the CLARITY Act, a broader market-structure bill, is advancing and is expected at the White House before year-end.
Jiang said clearer rules should widen the investable set beyond Bitcoin and accelerate rotation into non-BTC assets.
Related: Bitcoin Makes New All-Time High at $125k, Amid Record ETF Flows
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