Institutional interest in bitcoin and crypto is “really increasing” across multiple sectors, says macro investor Dan Tapiero
Macro investor and fund manager Dan Tapiero says institutional interest in the crypto industry has increased throughout the bear market.
In a new Real Vision interview, Tapiero says that institutions like endowments, teacher funds, and pension funds have been eyeing the crypto space lately, noting a fundamental strengthening 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 attracted the attention of larger players.
“Right now it’s really picking up speed. You’ll be surprised, it’s coming from people who don’t have exposure, but who — especially in the last six weeks — are kind of seeing, “Well, bitcoin is up 70% year-on-year, or 30% this year banking crisis, and you know what, that kind of makes sense, and they didn’t need a bailout in this world, and there are some bad actors, but there’s a lot of value and a lot of different things going on. There is a lot going on in the DeFi world, there are stablecoin companies, there are NFTs (non-fungible tokens). Lots of different things, even ordinals in bitcoin.’”
The investment veteran says the recent bear market differs from the last downtrend as there are other developments in the crypto ecosystem besides a simple focus on the price of Bitcoin and Ethereum (ETH).
Tapiero says institutional investors are seeing improving fundamentals such as the massive surge in Bitcoin’s hashrate, the number of developers in the space, and the plethora of new Layer One blockchains emerging as potential evidence that crypto is growing rapidly.
“So the space itself doesn’t just rely on the price of bitcoin and ethereum. For me, that’s the big difference from 2018 and 2019, that so many things are happening under the hood. The number of developers who have entered the blockchain space is now at an all-time high. It continued to increase until 2022.
Bitcoin hashrate just hit an all-time high. The number of players in the NFT space from 18 months ago has increased exponentially. The number of layer ones that have the top five or six usage is at an all-time high. So it is no longer just about the price of these two leading cryptocurrencies and a few others. I think that also attracts institutional people who understand that this is a type of technology that is only found once in a generation.”
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