Bitcoin and other cryptocurrencies are notoriously volatile, as the recent May selloff was a violent reminder of. The ongoing market cycle has been a walk in the park compared to the rollercoaster theme park ride of past cycles, which according to capital manager Dan Tapiero could be a sign that the first ever cryptocurrency is not yet near a top.
Although the founder and CEO of 10T Holdings and DTAP Capital still sees massive upside ahead for Bitcoin, he cautiously warns that corporations are unlikely to follow Michael Saylor’s playbook and adopt BTC as a treasury asset.
Dan Tapiero: Missing Volatility Isn’t Characteristic Of A Top In Crypto
Dan Tapiero is an outspoken capital manager that shares his views with the rest of the world on Twitter, like so many do these days.
But unlike the masses of pseudonymous analysts that tweet at him on the regular, or the crypto influencers spreading falsehoods for followers, Tapiero knows his stuff.
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Right after Black Thursday, it was Tapiero that suggested even with all the carnage one of the biggest bull markets ever was coming. And he was right. Now he’s saying that there’s still massive upside ahead in Bitcoin, and he’s basing it on a chart shared by Bloomberg Senior Commodity Strategist Mike McGlone.
McGlone’s chart says that $100,000 Bitcoin is “meager” by crypto standards, backing up what Tapiero seems to suggest within his tweet.
#Bitcoin has never topped with volatility this low.
Massive upside still ahead.
Twtr sht termers too negative.
US Corp adoption unlikely despite @michael_saylor.#Btc biggest global macro event of all time.
Smaller countries in NEED/alpha hungry lead.
h/t @mikemcglone11 pic.twitter.com/GR4sg1y9r5
— Dan Tapiero (@DTAPCAP) June 14, 2021
Bitcoin Is The Biggest Macro Event Of All-time
Tapiero says that Bitcoin could very well be the “biggest macro event of all-time.” And it won’t be due to corporations buying BTC as MicroStrategy CEO Michael Saylor hopes, according to the capital manager who focuses heavily on gold and crypto.
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Small countries like El Salvador are leading the charge of adopting the cryptocurrency instead of the failing fiat currency system that’s all but left these nations behind.
Short term holders have turned negative on Bitcoin due to the volatility they hadn’t yet had a taste of until now, and it could cause these investors to miss out on the “massive upside” still left ahead.
Historical volatility has yet to reach a historical high compared to past peaks | Source: BTCUSD on TradingView.com
The chart from Bloomberg and Tapiero’s comment aren’t the only indication that more volatility is needed before a peak is in for this cycle.
The Historical Volatility chart above clearly shows that the first ever cryptocurrency has yet to reached the level of rollercoaster ride as it has in the past, before it all comes crashing down and a new set of passengers hop aboard.
Featured image from iStockPhoto, Charts from TradingView.com