Crypto expert and fund manager Dan Tapiero forecasts a bright future for Bitcoin (CRYPTO: BTC), projecting a significant surge in its value.
What Happened: In a recent interview this week, Tapiero said that Bitcoin would reach a groundbreaking six-figure valuation soon.
Speaking about Bitcoin’s potential, Tapiero said, “A price of $100,000 per Bitcoin is a pretty conservative estimate and the flagship crypto asset could rally higher over the next half a decade.”
“My target for when I first started looking at this deeply in 2019 was always around $250,000 to $350,000 on Bitcoin. That was just a number that was to me a reasonable number to get to by 2029. So in 2019, that was sort of my thought by the end of the decade. That’s a reasonable number to get to,” he said in the interview.
Regarding ARK Invest CEO Cathie Wood’s prediction about Bitcoin, Tapiero said, “I think Cathie has come out and said a $1 million Bitcoin price target. And I can get to those numbers too. But that might be, maybe it’s 2035 or 2038. I mean, I don’t know. Or it could be earlier.”
Tapiero added that he sees Bitcoin evolving as a mainstream store of value, capturing a notable share of the capital market. He compared Bitcoin to traditional assets like real estate and physical works of art, which are commonly used as inflation hedges.
“There are a lot of assets like real estate people invest in often as a store of value. You know, art, paintings, stores of value,” Tapiero said.
“Bitcoin could really take a chunk of that store of value capital that’s out there. People also own equity because it’s a hedge against inflation. If you think of all the assets that people own just because they want to keep up with inflation, you could have a big chunk of that go to Bitcoin. I just don’t think it happens that quickly,” he said.
At the time of writing, Bitcoin was trading at $37,688.39, up by 4 percent in the last seven days.
Produced in association with Benzinga
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