Bitcoin to $1 Million? Don't Expect 100X Returns Anymore, Dan Tapiero Says
50T Funds founder Dan Tapiero says Bitcoin could eventually reach $1 million, but anyone buying today shouldn’t expect the 100x returns early holders captured.Why Tapiero Says the Easy Gains Are Behind UsTapiero told the When Shift Happens podcast Thursday that investors who bought Bitcoin near $100 or $1,000 made roughly 100x returns, a scale of gain he doesn’t expect to repeat from current prices.He pointed to Bitcoin’s fair value framework suggesting a long-term path toward $1 million, with nearer-term potential in the $200,000 to $300,000 range, but called that a single-digit multiple rather than another triple-digit run.Tapiero also flagged a structural shift reshaping how Bitcoin trades today.Large hedge funds now treat Bitcoin, Ethereum and crypto-linked equities like Coinbase as a single correlated basket, often trading them together regardless of individual fundamentals.That dynamic explains why Coinbase shows unusually strong correlation to Bitcoin’s price even when the connection doesn’t fully make sense on paper, he said.Why Tapiero Calls Illiquid Asset Tokenization the ‘Holy Grail’Tapiero said crypto remains in the early stages of digitizing liquid assets like treasuries, stablecoins and commodities, but the bigger opportunity still lies untouched: tokenizing illiquid assets like real estate and land.He pointed to his own farmland fund from the 2000s as proof of concept, noting only a handful of similar funds existed to give investors access to a trillion-dollar asset class.“If we find a company that’s making 50 to 100 million dollars in revenue that is doing something in the tokenization of illiquid assets for real, we’ll put hundreds of millions into that,” he said. So far, he hasn’t found one that meets that bar.Where Tapiero Sees Value in the Current MarketTapiero named Zcash , up roughly 25x over 18 months, as a standout performer driven by renewed demand for privacy following high-profile hacks and growing institutional ownership of Bitcoin through ETFs and treasury companies.He said he doesn’t personally hold ZEC, though his team has backed the privacy narrative publicly for over a year.For betting on crypto’s liquid-asset growth, Tapiero pointed to Hyperliquid as measured by Hyperliquid Strategies and real-world-asset perpetual futures platforms as still-early opportunities, comparing today’s handful of perpetual exchanges to the small number of centralized exchanges that existed years ago before the space matured.Image: Shutterstock