10T Holdings’ Dan Tapiero predicts bitcoin could easily hit $200,000 amid ETFs and halving
10T Holdings CEO Dan Tapiero said bitcoin could easily rise to $200,000 based on previous market cycles.He contrasted the exploding demand from the bitcoin ETFs with the upcoming supply shock of the halving to support his view.
“I think we could easily see a price close to $200,000,” Tapiero told The Block in an interview at the Digital Asset Summit in London. “I don't think it's so crazy.”
Tapiero explained that this would be an increase of around three times the current price, roughly matching the percentage difference between the 2017 and 2021 peaks. He added that bitcoin rose around 20 times from the lows of the bear market to the 2021 peak, meaning that were that to repeat, bitcoin could rise even higher toward the $300,000 mark.
“It’s hard to put a fine point on these things and also the timing is very difficult. I think broadly we'll get to that place over the next 18 to 24 months and it could be sooner,” he said.
As for the upcoming bitcoin halving, Tapiero described it as another fundamental bullish factor on a macro level. “If you think about the supply being reduced at a time that the demand is exploding based on the ETF, it really points to a lot of upside for bitcoin. And I think bitcoin will drag everything else with it,” he said.
As for Ethereum, Tapiero reckons there’s a pretty good chance that there will be a spot Ethereum ETF as the underlying asset has become established and reached a network effect. However, he is unsure when they will be approved.
"Bitcoin BTC -2.09% and Ethereum, to me, are the core assets. Everything else is a venture project. And Solana's sort of transitioning from a venture to maybe a core asset,” he said.
Tapiero noted that solana has been outperforming the rest of the market recently. He said that there’s been an explosion of onchain activity recently, and while some of it may be memecoin related, that doesn’t particularly matter — it’s all part of a “massive bull trend.”
“I just believe that all of the value in space is going to go up multiples. Now and certainly over the next five years,” he added.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
U.S. chip stocks drop for eight consecutive sessions! $2 trillion wiped out in market value, marking the longest losing streak since 2008
This week, the investment prospects of AI were questioned by the market. The Philadelphia Semiconductor Index fell by 11.4%, and the Nasdaq dropped more than 4% in a single week. CoreWeave's stock price fell over 25% during the week, and its bonds dropped to distressed levels, casting doubt on the high-yield debt financing model. Strategists warned that being overly bearish could lead to missing opportunities, while "Wood Sister" bucked the trend and increased her holdings of CoreWeave.
In August, overseas funds returned to the U.S. Treasury market; UK holdings surpassed $1 trillion for the first time; Japan and China continued to reduce holdings, with China’s U.S. Treasury holdings hitting the lowest level since 2008
According to a report by the U.S. Treasury Department, overseas investors made net purchases of $108.9 billion in U.S. Treasury bonds in August, reversing a two-month decline in holdings. Among the top ten countries and regions holding U.S. debt, only China and Japan reduced their holdings in August. Japan, the largest holder, saw its holdings drop for the fourth consecutive month, reaching a 22-month low in the same month it intervened in the foreign exchange market. China’s holdings declined for the third straight month, hitting new lows for two consecutive months not seen since 2008. The UK, the second-largest holder, posted historic highs for two consecutive months. Canada recorded the largest increase in August, up $38.3 billion, ranking fifth overall. Belgium had the second-largest increase, up $19.8 billion.
Strategy surpasses JPMorgan in trading volume as MSTR neared 49M shares in August
Crypto prices
More
