Macro investor and fund manager Dan Tapiero suggests that cryptocurrencies are in the early stages of a bull run and believes that a significant correction for Bitcoin (BTC) is unlikely. The senior crypto expert made critical statements regarding Bitcoin (BTC) and altcoins.
“I Don’t Expect a BTC Drop”
The CEO of investment firm 10T Holdings, Tapiero, indicated in a YouTube interview with host and SkyBridge Capital founder Anthony Scaramucci that the leading cryptocurrency is not likely to fall back to the $20,000 level. However, he suggested that a short-term correction for the largest cryptocurrency by market value could occur, stating:
“If you’re asking whether I think Bitcoin will return to the lowest levels of $20,000 to $18,000, I can’t see that happening. I think we are on the second leg of this bull market, so I would be much more worried if we were feeling like we were on the seventh or eighth leg, thinking there could potentially be problems. A consensus of a 75-80% rise, that’s a problem, but maybe it just means you have a short-term correction. We are just starting here.”
Comments on FTX
According to expert Tapiero, the future looks bright for Bitcoin and crypto currencies because 2022 encompassed almost every possible bad scenario for the industry, including the multi-billion dollar collapse of the FTX crypto exchange. He concluded his remarks by saying:
“Markets are discount mechanisms, and I think all the bad news you could imagine happened in 2022, and you had a relatively obvious decline in the fourth quarter of 2022. So, do I think there’s another FTX out there? No… I see a lot of interesting information from companies, and nobody who was struggling is struggling anymore, and we couldn’t see this three years ago, two years ago.”
Bitcoin was trading at $51,547, experiencing a significant drop in the last 24 hours at the time this article was written.
