Dan Tapiero, founder and CEO of digital asset investment firm 50T Funds, says a new bull phase has begun in the core assets of the digital asset space. Coming from an investor who has raised a $500 million fund to back the sector, the call doubles as a window into how one large allocator is assessing the industry's direction.

In an interview published by Bitcoin Magazine (watch the full conversation), Tapiero explains where he is seeing real revenue growth underneath the hood of the industry, from stablecoins — blockchain tokens pegged to fiat currencies such as the U.S. dollar — and tokenization, the practice of representing real-world assets as on-chain tokens, to platforms including crypto exchange Kraken, hardware wallet maker Ledger, and prediction market Polymarket, where users trade on the outcomes of real-world events. He also lays out why Hyperliquid, the decentralized perpetuals exchange, has been leading the market.

A veteran macro investor who previously co-founded growth-equity firm 10T Holdings, Tapiero opens the discussion with what makes a digital asset company worth backing. He revisits his decision to pass on FTX, Celsius, and BlockFi — crypto firms that collapsed in 2022 — and argues that valuation discipline was central to that judgment.

The conversation then turns to the fund itself. Tapiero describes raising the $500 million 50T fund and gauging institutional appetite for digital assets, as well as 50T's $42 million investment in crypto payments company MoonPay — a concrete marker of how the new vehicle is deploying capital. On markets, he discusses Bitcoin and Solana and explains why Hyperliquid has been at the front of this bull phase.

Tapiero also frames the broader macro backdrop. He points to Japan's 30-year bond base as the anchor of what he views as the biggest macro theme, touching on U.S. Treasury Secretary Scott Bessent, the yen, and former Federal Reserve Governor Kevin Warsh's rate hike. He further connects artificial intelligence and productivity gains to the natural rate of interest, and makes the case for the debasement trade — the thesis that ongoing monetary debasement favors hard assets, and his long-term argument for why Bitcoin and gold win.

The full interview is available on Bitcoin Magazine's YouTube channel.

DISCLAIMER: The views and opinions expressed in this show are those of the participants and do not necessarily reflect the official policy or position of BTC Inc., Bitcoin Magazine, or any affiliated entities. This content is provided for informational and educational purposes only and should not be construed as investment, legal, tax, or accounting advice. Nothing contained in this show constitutes a solicitation, recommendation, endorsement, or offer to buy or sell any securities or financial instruments. Viewers should consult their own advisors before making financial or business decisions.

This article, written by Patrick Green, first appeared on Bitcoin Magazine.