MIAMI BEACH, Fla. — Dan Tapiero, founder of crypto-focused growth equity fund 50T Holdings, is betting that artificial intelligence and blockchain technology will converge in ways the market has yet to incorporate.
“Blockchain is the money of AI,” Tapiero said in an interview with CoinDesk. “If you just imagine thousands of these AI agents acting independently, they won’t be sending messages from JPMorgan. They will all be smart contracts embedded in blockchains.”
Tapiero said he expects about 20% of 50T’s next fund — which is currently raising capital through early 2026 — to be invested in companies operating at the intersection of AI and blockchain. While acknowledging that these companies “don’t even exist yet” on a growth scale, he expressed confidence that “over the next five years, this will become a real category.”
Tapiero also shared an optimistic but measured view of the crypto market’s trajectory. He said he had the same goal for Bitcoin since the beginning of 2023: $180,000. First, he expects the asset to consolidate around $100,000 – a level he says has long served as a psychological anchor for Bitcoin investors and whales.
“Markets are moving towards round numbers. It’s silly, but it’s real,” he said. “And in crypto, the $100,000 target has been around for a long time. Once we hold that target for a bit, I think we’ll be heading towards $180,000 – maybe by summer of next year.”
Bitcoin has been trading between $101,000 and $124,000 for the past six months and is currently stuck around $103,000.
While some traders have become impatient with Bitcoin’s stagnant prices, Tapiero cautioned against short-term thinking. “This is the most difficult market I have ever tried to trade in,” he said, referring to his 25 years of experience in traditional markets. “Trying to take a short-term view here is almost impossible.”
Undervalued companies in growth phase
Tapiero said his firm, which manages $2 billion in assets and has invested in 24 companies, is seeing some of the best opportunities in its history. While many traditional investors remain wary after high-profile collapses like FTX and Celsius, competition is minimal for growth-stage crypto companies generating between $50 million and $100 million in revenue.
“We are the only growth equity fund in the world focused exclusively on crypto. We don’t do seed or venture capital. And at the moment, we dictate prices,” he said.
50T has seen six exits this year, including the IPOs of Circle (CRCL), Gemini (GEMI) and eToro (ETOR) and Coinbase’s (COIN) acquisition of derivatives exchange Deribit. While valuations in the public markets are increasing – with some companies trading at 10 to 20 times their revenues – prices in the private market remain subdued.
Overrated and underrated
Tapiero said he was skeptical of the tokenization narrative that has gained momentum in recent months.
Although he believes in the long-term potential of real-world token assets (RWA), he said actual adoption lags behind the hype.
“There’s a lot of talk about it, but it’s still early,” he said, pointing to companies like Securitize and Figure as early movers but noting that “the reality is it hasn’t really happened.”
On the other hand, decentralized finance (DeFi) has already surpassed 2021 levels, according to him, and remains a major area of interest despite usability challenges. In contrast, gaming companies Metaverse and Blockchain remain “near the bottom,” he said.
For now, Tapiero is focused on increasing investment in what he sees as the next layer of infrastructure for a digitized economy – particularly where blockchain meets autonomous AI agents.
“I don’t even know who these companies are yet,” he said. “But I’m sure that’s where it’s going.”
