Ideas
Bitcoin bottomed; 10x to $20T by 2035.
Bitcoin is the core asset and pristine collateral of the space. Dan thinks it bottomed after the macro catalysts, including Treasury bond buying, the dollar-yen intervention, a top in the dollar, and a bottom in gold. He forecasts Bitcoin can reach $20 trillion in value by 2035, a 10x from current levels, as part of the broader crypto bull market.
Digital asset ecosystem enters bigger bull market.
The digital asset ecosystem has been in a bull phase since the 2022 bottom even while Bitcoin, ETH, and altcoin prices were in a harsh bear market. Stablecoins, RWAs, prediction markets, DEXes, perpetual futures, and other on-chain uses of money and capital have grown vertically. Dan believes the crypto price low is in, catalysts from SEC/CFTC clarity, Treasury buying long-dated bonds, and the dollar-yen intervention have hit, and the DAE should now experience an explosion higher. He expects the total DAE to grow to roughly $50T by 2035, with Bitcoin at $20T, ETH/Solana at $2-10T, and business equity at about $20T.
ETH and Solana are core crypto assets.
ETH and Solana are the other two core assets alongside Bitcoin. Dan believes ETH bottomed with everything else and that ETH and Solana can collectively reach $2 trillion to $10 trillion in value by 2035. He views most other altcoins as more venture-like, but ETH and SOL are core liquid crypto assets in the digital asset ecosystem bull market.
Dollar-yen top; short USD/JPY.
Dan highlights the rare Treasury/BOJ intervention in dollar-yen at 163 and says Treasury Secretary Bessent has put the top in dollar-yen. He praises Bessent's expertise and says people betting against him in dollar-yen will have a hard time, implying a short USD/JPY or long yen stance.
Gold bottomed as dollar tops.
The BOJ/Treasury dollar-yen intervention at 163 and Treasury bond buying marked a top in the dollar, and because the dollar is highly negatively correlated with gold, gold bottomed at almost the exact same time. Dan views this as a bullish macro setup for gold.
Dollar has topped; bearish dollar outlook.
Dan argues the Treasury Secretary's comments and intervention put a top in the dollar-yen and, by extension, the dollar against other currencies. He says the dollar has a very high negative correlation with gold and should be watched carefully, making this a bearish dollar macro call.
Semiconductor bottom passed; stocks to run.
Dan notes semiconductor stocks like Intel and Micron are down sharply, with some down 50% from recent highs. He thinks the bottom occurred a few days ago and those stocks are now going to start going on a run.
Rates peaking; long-dated Treasuries benefit.
Dan believes Treasury Secretary Bessent buying off-the-run long-dated bonds is a form of QE that consolidates liquidity and adds net liquidity. He also thinks rates are probably near their peak, which supports long-dated Treasuries.
Cipher Mining provides AI data-center power exposure.
Dan says 50T Funds has Bitcoin mining exposure, including a significant position in Bitfury. Bitfury owned 80% of Cipher Mining, a leading power provider to data center buildouts, and 50T still owns a chunk of Cipher through Bitfury. This gives direct exposure to the AI theme via data-center power.
HYPE attractive but token-equity clarity lacking.
Dan says he would love to own HYPE, but he does not invest because there is not enough clarity on whether value accrues to the token or to equity, and he does not want to take token-vs-equity risk. He views HYPE as a different story from other tokens but still a developing situation worth monitoring.
This Milk Road Macro video, published September 14, 2026,
features Dan Tapiero
discussing BTC, Digital asset ecosystem, ETH, SOL, USD/JPY, GLD, USD, SMH, INTC, MU, TLT, CIFR, HYPE.
10 trade ideas extracted by AI with direction and confidence scoring.
Speakers:
Dan Tapiero
· Tickers:
BTC,
Digital asset ecosystem,
ETH,
SOL,
USD/JPY,
GLD,
USD,
SMH,
INTC,
MU,
TLT,
CIFR,
HYPE
