Macro analyst and institutional crypto veteran Dan Tapiero stated that Bitcoin is still in the middle phase of its current bull market cycle, according to a recent market update.
Summary
- Dan Tapiero argues that Bitcoin is in the midst of its bull market and will likely overtake gold and silver after lagging precious metals despite stronger fundamentals.
- He cites listings on the NYSE and Nasdaq, upcoming Kraken IPOs, floats in crypto funds and mergers and acquisitions as key to legitimizing the sector and unlocking new institutional liquidity.
- Tapiero highlights the US-led “Americanization of crypto,” the rapid growth of stablecoins and predictions for Bitcoin, gold and silver as drivers of a larger US-centric crypto capital market.
Tapiero indicated that Bitcoin (BTC) will likely overtake precious metals’ significant gains in 2024, noting that the price of BTC versus gold has remained unchanged since 2021 despite substantial fundamental developments in the digital asset sector.
Bitcoin analyst Dan Tapiero says BTC is a ‘mid-cycle’ bull
The analyst cited greater maturity, diversification and revenue generation in the cryptocurrency space compared to 2021 levels. According to Tapiero, the entry of successful private digital asset companies into the traditional financial public markets will tap new sources of liquidity.
Tapiero noted that listings on the New York Stock Exchange and Nasdaq provide legitimacy to the industry by validating accounting standards, record keeping and governance practices. The analyst mentioned Kraken’s upcoming IPO along with four to five other prominent crypto fund companies preparing to enter public markets as mergers and acquisitions activity increases.
The investor highlighted the growing political support for cryptocurrency in Washington, DC, describing what he called the “Americanization of crypto” as an emerging trend. Tapiero states that the capitalization of US stock markets is currently 65% higher than that of Europe and Asia combined, while many European stock markets remain at or below 2008 levels. According to the analyst, the Nasdaq has grown more than tenfold since 2008.
Tapiero predicted that additional global crypto and blockchain companies will gain access to the US financial markets through special purpose acquisition companies, reverse takeovers and initial public offerings. The analyst cited substantial volume growth of stablecoins, mainly in US dollars, which was essentially zero five years ago, along with favorable regulatory conditions for innovation.
The investor estimated that five to ten major crypto and blockchain public companies currently exist, and expects at least fifty additional companies to enter the public market within five years.
Tapiero provided price forecasts for silver, gold and Bitcoin, although specific targets were not disclosed in the available information.
