Veteran macro investor Dan Tapiero shared his views on the growth of the cryptocurrency market in a recent interview with Scott Melker.
Tapiero is Managing Partner and CEO at 10T Holdings, which is a growth equity fund focused on investing in mid-to-late-stage digital asset ecosystem (DAE) companies. Portfolio companies include Ledger, Nova Labs (which develops the Helium blockchain), and Animoca Brands.
According to a report by The Daily Hodl, Tapiero named his crypto investment fund “10T” based on his prediction in 2019 that the total market cap for cryptocurrencies would increase 30 times and reach a $10 trillion valuation.
During the interview, Tapiero revealed that he had held the view since the fund’s inception that the crypto market, which was valued at $300 billion in mid-2019, would increase 30-fold to reach $10 trillion. He explained the naming of the fund as a reflection of his growth expectations for the space. According to Tapiero’s calculations, a $10 trillion valuation for the digital asset ecosystem would place Bitcoin’s value between $300,000 and $500,000, a prediction he has maintained since 2019.
Tapiero now considers his earlier prediction to be conservative, as he believes the market cap will rise even higher. He acknowledges that markets grow at their own pace, but he currently sees the $10 trillion estimate as too modest. The cryptocurrency market is currently valued at $133 trillion, up from $3 trillion a year ago. Tapiero expects the crypto market to exceed $10 trillion within the next decade.
Data from TradingView on Bitstamp shows that Bitcoin is currently trading at around $30,771, reflecting a 1.63% increase in the past 24 hours, a 26.09% increase in the last month, and an impressive 85.02% increase year-to-date.