There have been many fears over recent years that central banks and other authorities will target Bitcoin as they may see it as a threat to traditional financial infrastructure. According to Dan Tapiero, though, these fears are unfounded for the time being.
Bitcoin May Not Be Macro Relevant Yet, Despite Price Surge
Dan Tapiero is the co-founder of DTAP Capital, Gold Bullion Int., amongst other firms. He has been closely following Bitcoin for a while now, being one of the first macro voices to enter the space.
He recently commented that until Bitcoin hits $250,000, or a market capitalization of around $5 trillion, it may not have relevance on a macro scale:
His contemperary Raoul Pal, a former Goldman Sachs head of hedge fund sales and Real Vision CEO, recently commented that Bitcoin is “irrelevant on a global asset scale.”
It’s worth noting that both of the investors are extremely bullish on Bitcoin. Both believe that the leading cryptocurrency will undergo an exponential rally this market cycle that will take it above $100,000 and beyond.
A Common Belief
Tapiero’s and Pal’s point that Bitcoin currently isn’t relevant on a macro scale has been echoed by Tom Lee of Fundstrat Global Advisors. Lee, as the head of research and co-founder of Fundstrat, has been following cryptocurrencies for years, regularly analyzing the space.
Lee said at a conference in Singapore in 2018 that before a Bitcoin ETF should be approved by the U.S. Securities and Exchange Commission, it should trade at $150,000 or more. Bloomberg wrote on his comment:
While Bitcoin has seen immense growth over recent months and years, it remains a small asset on the macro scale.
Case in point: only recently did Paul Tudor Jones, a billionaire hedge fund manager, begin dabbling in the cryptocurrency. And it’s worth noting that he’s greatly limiting his exposure to Bitcoin.
Featured Image from Shutterstock Charts from TradingView.com Price tags: xbtusd, btcusd, btcusdt Analysts: Bitcoin May Surge Up to $250,000 Before Macro Authorities Care
Originally from Bitcoinist.com https://ift.tt/3ccWZar
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