With the combination of increased demand for Bitcoin through ETFs and the upcoming supply shock from the halving, private equity firm 10T Holdings CEO Dan Tapiero believes there is potential for rise for cryptocurrency.
“I think we could easily be looking at 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 that crazy.”
Tapiero explained that this would represent an increase of approximately three times the current price, roughly matching the percentage difference between the peaks of 2017 and 2021. He added that bitcoin increased approximately 20 times between market lows bearish and the 2021 high, which means that if this repeats, bitcoin could rise even further to reach the $300,000 mark.
“It’s difficult to give a clear idea of these things and the timing is also very difficult. I think generally speaking we will get there in the next 18 to 24 months and it could be sooner,” he said. he declared.
As for the upcoming bitcoin halving, Tapiero described it as another fundamental bullish factor at the macro level. “If you think about supply being reduced at a time when demand is exploding on an ETF basis, that really points to a lot of upside for Bitcoin. And I think Bitcoin will take everything else with it,” he said.
As for Ethereum, Tapiero believes there is a good chance that there will be a spot Ethereum ETF, as the underlying asset has established itself and achieved a network effect. However, he does not know when they will be approved.
“Bitcoin BTC
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and Ethereum, for me, are the main assets. Everything else is a risk project. And Solana is kind of transitioning from a business to maybe a critical asset,” he said.
Tapiero noted that Solana has recently outperformed the rest of the market. He said there had been an explosion of on-chain activity recently, and while some of it might be related to memecoin, it didn’t particularly matter – it was all part of a “massive uptrend”. €
“I just believe the whole value of space is going to multiply many times over. Now and certainly over the next five years,” he added.
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