Macro investor and fund manager Dan Tapiero says that digital assets are in the early stages of their bull run, making a deep correction for Bitcoin (BTC) very unlikely.
In a new video update on the Wealthion YouTube channel, Tapiero, the CEO of investment firm 10T Holdings, tells host and SkyBridge Capital founder Anthony Scaramucci that he doesn’t envision the crypto king dipping to $20,000 again.
However, he notes there could be a short-term correction for the top crypto asset by market cap.
“So if you’re saying do I think we’re going to go back down to the $20,000, $18,000 lows in Bitcoin, I don’t see it at all.
I think we’re in the second inning of this bull market, so I’d be much more concerned and think that there [could be] problems potentially if I felt we were in the seventh inning, the eighth inning. The bullish consensus at 75%-80% – I mean that’s an issue but maybe [it] just means you have a short-term correction.
We’re just getting started here.”
Bitcoin is trading for $51,547 at time of writing, a marginal decrease during the last 24 hours.
According to Tapiero, the future for Bitcoin and digital assets appears bright as 2022 held nearly every bad scenario possible for the industry, such as the multi-billion-dollar collapse of the crypto exchange FTX.
“Markets are discounting mechanisms, and I think that all the bad news that you could possibly have ever dreamed up happened in 2022, and I think you had a low in Q4 2022 that was relatively obvious.
So do I think that there’s another FTX out there? No… I’m seeing a lot of really interesting information from companies and anyone that was having difficulty is now not – and we were not seeing that three years ago, two years ago.”
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