Institutional interest in Bitcoin and crypto is ‘really picking up’ in several sectors, says macro investor Dan Tapiero
Macro investor and fund manager Dan Tapiero says institutional interest in the crypto industry has accelerated throughout the bear market.
In a new Real Vision interview, Tapiero says that institutions such as endowments, teacher funds and pension funds have been keeping an eye on the crypto space lately, noting a fundamental strength building within the asset class.
Tapiero, the co-founder of digital asset equity fund 10T Holdings, says increased activity in decentralized finance (DeFi), stablecoins and the Bitcoin (BTC) ecosystem has caught the attention of larger players.
“Right now it’s really picking up. You’d be surprised, it’s from people who don’t have any exposure, but who kind of — especially in the last six weeks — see, “Yeah, Bitcoin’s up 70% on the year, or 30% over this banking crisis, and you know what, that sort of makes sense, and they didn’t need a bailout in that world, and there are some bad actors, but there’s a lot of value there and a lot of different things going on. There’s things going on in DeFi- the world, there are stablecoin businesses, there are NFTs (non-fungible tokens). Many different things, ordinals on Bitcoin even.’
The investment veteran says the recent bear market differs from the recent downtrend as there are several developments in the crypto ecosystem in addition to a simple focus on the prices of Bitcoin and Ethereum (ETH).
Tapiero says that institutional investors see improving fundamentals like the massive spike in Bitcoin’s hashrate, the number of developers in the space and the number of new layer-one blockchains emerging as potential evidence that crypto is growing rapidly.
“So the space itself is not just dependent on the price of Bitcoin and Ethereum. That’s the big difference for me from 2018 and 2019 is that there are so many things going on under the hood. The number of developers that have entered the blockchain space is now at a record high level Through 2022 it continued to increase.
Bitcoin hashrate, it just hit an all-time high. The number of players in the NFT space from 18 months ago has increased exponentially. The number of team-ones who have top five or six uses is at a record high level. So it is no longer just about the price of the two leading and some of the other cryptocurrencies. So I think it’s also attracting institutional people who understand that this is a once-in-a-generation kind of technology.”
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