Dan Tapiero: Crypto Is Entering a Much Bigger Bull Market

Dan Tapiero (0:00)

So by 2035, we think Bitcoin can get to 20 trillion in value. So that's a 10X from here.

John (0:07)

Bitcoin went from around $125,000 down to below $60,000, and is right now back up near $80,000, all within the same 12 month period. That kind of volatility you only find in roller coasters and in crypto. And right now, it is much more fun in crypto. Hello and welcome to Milk Road Crypto, the podcast that's here to explain why mean coins like bike Tyson and laptop are absolutely essential to the future of finance. And today we are joined by the Macro Master of Digital Assets himself, Dan Tapiero. Dan is the founder and CEO of 50T Funds, where he has been one of the few Wall Street macro thinkers publicly bullish on crypto since 2019

He manages roughly 2 billion in assets and he is out now raising 50T Funds Fund 5 right now. And Dan is gonna give us an updated look at his thoughts on crypto and all the things that are going on in the markets right now. If that sounds good to you, make sure you like and subscribe, share this episode with somebody who's gonna enjoy it. And as a reminder, our podcast today is free and that would not be possible without our wonderful partners at Sabre.Money, the stablecoin payments platform built for Asia. So keep an ear out for more information on them later in the episode. But for now, welcome back to one of my favorite guests, Dan Tapiero, how are you sir?

Dan Tapiero (1:13)

Hey John, good to see you. I don't know that I'm gonna talk about meme coins at all or Mike Tyson.

So let's just get that straight. I don't know if your listeners are expecting that. We're not gonna get into that today.

John (1:29)

I think that's probably what's best. But Dan, what I do wanna get into is something I've seen you tweeting about recently, which is that you've said that the bull market has now begun, expect digital asset ecosystem explosion up. You're one of my favorite follows on Twitter.

People have been debating this right now. Has the crypto bull market started again? Is the bear market still going? Where do you land on this conversation? What are your thoughts on this?

Dan Tapiero (1:53)

Yeah, I just jumped in here a little bit because I can't answer too many questions all at once. It's like one at a time.

So I think there are certain spots within what I call broadly the digital asset ecosystem. So that is, and I have been calling it that, the DAE since 2019 basically. And that is a view that all things of value, money will eventually move on chain.

And the total number there is something close to 800, 900 trillion dollars of assets and value that exists out there between real estate and stocks and bonds and everything. That's roughly the number. And so I always thought from the very beginning that on the one hand, Bitcoin is the core asset of the space, the pristine collateral, the original code. That's all Bitcoin. Everything else sort of derives from Bitcoin. So and I think Ethan Solano have come along now and also are, you know, the core three assets, you know, in the space and pretty much everything else of the altcoin world, we'll just say is just more of a venture project. So we've been in the midst of a bull phase for the DAE broadly, probably since the bottom in 22 So what do I mean?

Stable coins, RWAs, prediction markets, all of these sort of on-chain uses of money, capital value have been up and to the right.

So even as Bitcoin and ETH and the cryptocurrencies themselves have been in a pretty, I think a pretty harsh bear phase. I mean, since the peak in July 25, the market basically just went straight down. I mean, it was, I think it was quite quick. I mean, 50, 60%.

Some of the alts, as you know, are down 80, 90%.

And some of them are still going down from their 21 peaks. So you can imagine up until about, you know, a month and a half ago, you had certain alt coins that were down 99 and a half percent from their 21 peaks. And of course, NFTs, which I also, non-fungible tokens, which I also include as part of the broad DAE, you know, they peaked in 21 I still, big picture think that there's a huge use for, you know, digital tokens that represent, you know, it's not just art, but, you know, all items, you know, all specific items that can be registered on a blockchain, right? Like I think that some of the hype around the PFPs, those are the pictures, right? The NFTs got a little out of control, you know, board ape, et cetera.