The crypto market is entering a new phase according to Dan Tapiero, who sees potential for Bitcoin. The macro investor estimates that its value could reach $20 trillion by 2035, ten times its current level. This projection also concerns Ethereum, Solana and companies related to digital assets. For Tapiero, several macroeconomic signals have marked a possible low point, while a new driver could come from artificial intelligence agents and their blockchain transactions in the future.
In brief
- Dan Tapiero estimates that Bitcoin could reach a capitalization of $20 trillion by 2035.
- The investor considers that the crypto market has already reached its low point thanks to several macroeconomic signals.
- Its $50 trillion target includes Bitcoin, Ethereum, Solana and companies in the sector.
- Tapiero sees agentic finance and AI-driven transactions as a next market driver.
Bitcoin could reach $20 trillion in 2035
Dan Tapiero, the founder, CEO, chief investment officer and managing partner of 1Roundtable Partners (1RT) and 10T Holdings presented this forecast Monday in the Milk Road podcast. He estimates that bitcoin could reach $20,000 billion by 2035. According to him, this level would represent ten times its current value. This target is part of a broader projection of the digital ecosystem.
To explain his scenario, Tapiero considers that the crypto market has already reached its low point. He notably includes Ethereum in this reading of the cycle. Two macroeconomic elements would have played an important role. The first concerns Scott Bessent’s intervention on the dollar-yen rate at 163.
The second element is based on the Treasury bond buyback program presented by Bessent. Tapiero describes it as a mild form of quantitative easing, which injects liquidity. In this context, the asset would have followed after a peak in the dollar and a trough in gold. Tapiero also recalls this historical link.
Tapiero’s scenario is based on a 50 trillion crypto market
Tapiero does not limit his vision to Bitcoin. Its updated $50 trillion target is based on three distinct components :
- Bitcoin: $20,000 billion by 2035, ten times its current value;
- Ethereum and Solana: a combined market capitalization of between $2 billion and $10 billion;
- Ecosystem companies: $20 trillion in digital assets distributed between public and private companies.
This new projection explains the change in the name of the fund, from 10T to 50T. When it launched in 2019, the total digital asset ecosystem was worth around $300 billion.
By 2025, this value had increased to $4 to $5 trillion according to Tapiero. This development led him to judge his initial objective of 10 billion too conservative. In this projection, bitcoin represents a central part of the digital market. Ethereum, Solana and companies complete this architecture.
Bitcoin and AI agents could open a new cycle
Tapiero also identifies agentic finance as a possible major catalyst. According to him, blockchain constitutes a natural monetary layer for artificial intelligence agents. Transactions between software would have difficulty meeting traditional banking uses. This development could create new demand for blockchain infrastructure.
Millions of agent transactions already go through stablecoins like x402. Tapiero anticipates hundreds of trillions of transactions in five years. In this scenario, bitcoin could evolve in a market structured around automated payments. Portfolios for AI agents already constitute an investment focus of the fund.
The fund committed $40 million to an undisclosed company developing wallet infrastructure for AI agents. The transaction is expected to be finalized in the coming weeks. Its main holdings include Kraken and Ledger. It targets companies with a turnover of $50 to $100 million, with the objective of an IPO.
Tapiero’s projection places BTC at the heart of the market. Its goal of $20,000 billion by 2035 will depend on the evolution of this ecosystem. Agentic finance and liquidity remain at the center of its scenario. This projection is based on the investor’s assumptions.
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