Macro investor Dan Tapiero on Monday told the Milk Road podcast that Bitcoin (CRYPTO: BTC) can reach $20 trillion in value by 2035, calling it “a 10x from here.”
Why Tapiero Thinks the Bottom Is Already In
Tapiero argued that the low is in for Bitcoin, Ethereum (CRYPTO: ETH), and the broader crypto market, driven by two macro catalysts that most crypto investors missed entirely.
Treasury Secretary Scott Bessent’s intervention in dollar-yen at 163 put a top in the dollar and a bottom in gold almost simultaneously, and Bitcoin followed shortly after.
Bessant’s Treasury bond buyback program added to the setup, functioning as a soft form of quantitative easing injecting liquidity into the system.
While crypto Twitter was drowning in bearish sentiment through the summer, the signal to buy was sitting in plain sight in the macro data.
Dollar weakness historically correlates with gold strength, and Bitcoin has followed that same pattern every time.
What the $50 Trillion Forecast Actually Means
Tapiero broke his updated $50 trillion target into three components:
- Bitcoin — $20 trillion by 2035, a 10x from current levels
- Ethereum and Solana (CRYPTO: SOL) — combined $2 to $10 trillion
- Digital asset equity — $20 trillion across public and private companies in the ecosystem
The fund name change from 10T to 50T reflects this updated view. When he launched in 2019, the total digital asset ecosystem was worth roughly $300 billion.
By 2025 it had already grown to $4 to $5 trillion, making the original 10T target feel too conservative for a 10-year horizon.
Why He Sees Agentic Finance as the Next Big Catalyst
Tapiero’s core argument is that blockchain is the natural money layer for AI agents since code transacting with code has no use for traditional banking rails.
Millions of agent transactions already run on-chain through stablecoin protocols like x402, and he expects that volume to grow into the hundreds of trillions over the next five years.
Fund 5 already put $40 million into an undisclosed company building wallet infrastructure for AI agents, with the deal closing within weeks.
His largest existing positions are Kraken and Ledger, with the fund focused on growth-stage companies doing $50 to $100 million in revenue that he expects to go public in the coming years.
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