Macro investor and fund manager Dan Tapiero is doubling down on his prediction Bitcoin (BTC) will soar to as high as $500,000.
In a new interview with Scott Melker, Tapiero says that he named his crypto investment fund 10T after his 2019 prediction that the total market cap for cryptocurrencies would increase 30x and reach a $10 trillion market cap.
He says he still believes in his prediction and that Bitcoin’s value will range between $300,000 and $500,000 once the total market cap hits $10 trillion.
“The view that I’ve held since the founding of the fund was that the value in the space which in the middle of ’19 was $300 billion, was going to 30x and get to $10 trillion. And that’s why I called the first three funds, they were called 10T, which stood for $10 trillion.
So I put my view of the growth in the space in the name of that fund. And so that was the 30x that I was referring to. A $10 trillion value on the digital asset ecosystem, based on the way I’m looking at it, puts Bitcoin between $300,000 to $500,000, which is kind of been where I think it’s going to end up. I thought that in ’19. I think that now.”
He now calls his prediction conservative and believes it’ll increase even higher.
“And again, markets get to where they are going to get to on their own program, on their own time and plan. I think that $10 trillion is probably a little too conservative right now. We’re at [ $1.28 trillion] today and a year ago we were [$3 trillion]. I think we’ll in 10 years we’ll be over $10 trillion.”
Bitcoin is trading for $29,991 at time of writing, down 0.9% in the past 24 hours.
I
Don't Miss a Beat – Subscribe to get email alerts delivered directly to your inboxGenerated Image: Midjourney
Shutterstock/Chuenmanuse