Milk Road Macro Dan Tapiero's Macro Outlook: Why Markets Will Rip Into 2026
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Nov 25, 2025 Dan Tapiero, a macro-focused investor and CEO of 50T Funds, shares his insights on Bitcoin and the broader markets. He argues that the current Bitcoin pullback is merely a mid-cycle cleanup, not a bear market. Dan explains how Federal Reserve policies are paving the way for a liquidity wave ahead of a potential market rally into 2026. He believes Bitcoin's fundamentals are now significantly stronger, yet the market remains mispriced. Additionally, he discusses the impact of regulation on crypto adoption and the pivotal role of tokenization in future investments.
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Adopt A 10-Year Crypto Horizon
- Think long term and expect multiple deep drawdowns over a 10-year horizon when investing in crypto.
- Hold through cycles and plan for 70–85% drawdowns in individual assets like Bitcoin and ETH.
Fed Policy Created A Liquidity Setup
- Dan Tapiero argues Powell kept rates too high and mismanaged monetary policy, creating a setup for an eventual liquidity wave.
- He expects a weaker dollar, rate cuts nearer to 2%, and a market ramp into the 2026 election cycle.
Flash Crashes Are Not New, Just Amplified
- Dan recalls flash crashes across markets, noting crypto amplifies such events because it trades 24/7.
- He compares crypto's speed and severity to past currency and stock flash crashes from his career.