Tapiero: Bitcoin in Mid-Cycle Bull as US Market Grows

Bitcoin remains in a mid-cycle bull, says Tapiero

Macro analyst and institutional crypto investor Dan Tapiero argues that Bitcoin (BTC) is currently in the middle stage of a broader bull market. In a recent market update, Tapiero highlighted that despite strong fundamental advances across blockchain and digital-asset infrastructure since 2021, Bitcoin’s price performance relative to gold has not yet reflected those gains. He interprets this as a mid-cycle rally with substantial upside potential as institutional liquidity expands.

Why Tapiero sees more upside for Bitcoin

Tapiero points to several structural changes that distinguish the current cycle from 2021: greater maturity and diversification among crypto businesses, meaningful revenue generation by institutional-quality firms, and a pipeline of private digital-asset companies preparing to enter public markets. These developments, he says, will unlock new pools of institutional liquidity for crypto assets, helping BTC and other digital assets catch up with precious metals that outperformed last year.

Listings, IPOs and public-market access

The analyst emphasizes that listings on major exchanges such as the New York Stock Exchange and Nasdaq provide regulatory and governance validation for crypto companies. Tapiero noted Kraken’s impending initial public offering and flagged four to five large crypto fund managers that are also preparing for public-market debuts. He expects more companies to access U.S. capital markets via IPOs, SPAC deals, and reverse takeovers, which should broaden institutional exposure to blockchain and cryptocurrency businesses.

U.S.-centric growth and the ‘Americanization of crypto’

Tapiero described an emerging trend he calls the "Americanization of crypto": a U.S.-led expansion of crypto capital markets. With U.S. equity capitalization currently materially larger than Europe and Asia combined, Tapiero believes U.S. financial markets will attract a growing share of crypto and blockchain companies. He also noted that favorable regulatory pathways for innovation and rapidly rising stablecoin volumes—predominantly in U.S. dollars—are reinforcing U.S. dominance in crypto liquidity creation.

Stablecoins, M&A and institutional flows

Rapid growth in dollar-denominated stablecoin activity is another driver Tapiero highlighted, pointing out the shift from near-zero volumes five years ago to significant daily flows today. In combination with increasing M&A activity across the sector, this elevated transactional and capital-market activity is expected to pull more institutional investors into crypto-focused strategies, enhancing liquidity and price discovery across BTC, ETH, and other major tokens.

Market outlook and company count

While Tapiero provided price outlooks for gold, silver and Bitcoin, he did not publish exact target prices in the commentary available. He estimated there are currently five to ten significant public crypto and blockchain companies and forecasted that at least 50 additional firms could list on public exchanges over the next five years. For traders and long-term investors following the crypto cycle, Tapiero’s view frames the present environment as a transitional phase where market structure improvements and institutional adoption could drive the next leg of growth for Bitcoin and the broader blockchain ecosystem.

Overall, his assessment speaks to a maturing crypto industry where traditional finance listings, stronger governance, and expanding stablecoin infrastructure converge to create a deeper, more credible market for digital assets. Investors monitoring BTC, blockchain stocks, crypto funds, and M&A flows should consider these dynamics when evaluating exposure and timing in the current mid-cycle bull market.

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