Analyst: Bitcoin Bull Market Mid-Stage, $180K Target

Dan Tapiero’s central thesis hinges on a stark contrast between Bitcoin’s price action and the underlying health of the digital asset ecosystem. He notes that Bitcoin’s price has remained “unchanged vs gold since 2021,” a period during which the space underwent transformative development. According to Tapiero, this price stagnation is “inconsistent with huge number of positive fundamental developments” that have occurred. While acknowledging that short-term interest rates were lower in 2021, he emphasizes that the ecosystem today is “so much more mature, more tested, diversified, [and] producing much more revenue.”

This maturation, Tapiero argues, sets the stage for a significant re-rating. The pathway for this revaluation is the increasing integration with traditional finance (tradfi). He highlights that as successful private digital asset ecosystem (DAE) companies enter the public markets via the NYSE and Nasdaq, a “whole new world of liquidity opens up.” This move provides a “tradfi stamp of approval” that legitimizes the space, confirming that accounting, records, and governance are in order. Specific catalysts include the upcoming Kraken IPO and public listings for “4-5 other prominent” companies from the 50T Funds portfolio, alongside increasing merger and acquisition activity.

A pivotal theme in Tapiero’s analysis is the accelerating dominance of the United States in the crypto landscape, a trend he calls the “Americanization of crypto.” He asserts this theme “has just begun and has a lot further to run,” with no mean reversion in sight for U.S. outperformance. To illustrate the scale of U.S. financial hegemony, he points out that the U.S. equity market capitalization is “65% greater than Europe and Asia combined,” with the Nasdaq up over 10x since 2008 while many European markets are flat or lower.

This dominance is being actively reinforced within crypto, Tapiero explains. He expects “many more global crypto/blockchain businesses to come to tap the US financial markets” through SPACs, reverse takeovers (RTOs), and IPOs, which will “continue to reinforce US dominance.” He starkly concludes, “Rest of world cannot compete.” Two powerful forces underpin this acceleration: the “massive 25T in stablecoin volume, mostly USD, this year”—a figure that grew from essentially zero five years ago—and a “friendly regulatory backdrop for innovation and invention in crypto/blockchain.” From a current base of “5-10 significant crypto/blockchain public companies,” Tapiero forecasts “at least 50 more coming in the next 5 years,” cementing U.S. leadership.

Dan Tapiero’s outlook is not confined to digital assets alone; he frames Bitcoin’s trajectory within a broader macro narrative that includes precious metals. He explicitly states his belief that “BTC will catch up to this year’s explosive move for precious metals.” This sets up a comparative performance expectation where Bitcoin, currently seen as lagging, is poised for a powerful rally to close the gap with gold and silver.

His specific price forecasts provide concrete milestones for this thesis. Tapiero projects silver reaching $85 per ounce and gold climbing to $5,500 per ounce. For Bitcoin, the culmination of the ecosystem’s maturation, institutional liquidity, and U.S. market dominance leads to a target of $180,000. These figures collectively paint a picture of a sustained bull market across alternative asset classes, with Bitcoin positioned for the most dramatic catch-up move as it benefits from both macro tailwinds and unique, structural advancements in its own market infrastructure and legitimacy.