Veteran macro investor Dan Tapiero has expressed optimism for Bitcoin (BTC) in 2024, predicting a significant uptrend. He highlights Bitcoin’s remarkable growth, noting a 160% increase since the start of the year and anticipating a strong year-end close.
Tapiero emphasizes that Bitcoin’s performance as the highest-yielding asset makes it impossible for institutional investors to ignore. He suggests that having zero exposure to Bitcoin could pose a career risk for these investors. He also observes a bullish cup and handle price pattern in gold, hinting at a potential upcoming rise for both gold and Bitcoin.
The expert predicts that the Federal Reserve is likely to lower interest rates, which would positively affect not only gold but also Bitcoin and Ethereum (ETH). Tapiero shares a chart from former Goldman Sachs executive Raoul Pal, indicating that increased global liquidity could push Bitcoin above $200,000 in the coming year.
Tapiero points to this chart as a sign of significant and imminent change, suggesting a redefinition of money and value. He reiterates that traditional money managers risk their careers by not having exposure to Bitcoin. Despite a conservative price target of $100,000 for Bitcoin, Tapiero forecasts it could reach between $250,000 to $350,000 by 2029.
In conclusion, Dan Tapiero shares a positive outlook for Bitcoin, emphasizing the 160% increase since the beginning of the year. He warns institutional investors about the career risk of not being exposed to Bitcoin while suggesting that global liquidity could drive BTC’s price above $200,000.