More money toward better speakers or a better DAC?

Dow Jones: name them. From your own experience. Thanks 

Hey @lalitk : who said $200? Try $2 (two American dollars) https://forum.audiogon.com/discussions/how-good-are-2-dacs

Our genius contributor to the community 😂😂

“Some $200 Chinese DACs are better than some $2K,5K, etc.. It's a very misguided notion that price equates quality. Especially in DACs.“

The only person seems to be misguided here is you. Looking forward to your list of $200 Chinese DAC that are better than $2K and $5K DAC’s.  This outta be interesting 😊

I say it depends on what one has in one's system at the time of consideration.

In my case I was using a 10 year old DAC and had speakers that worked well in my room with my current amplifier. I wanted a new DAC, one that was NOS, R2R, and had tube output stage. Bought a Audio Mirror Tubadour III. It made a substantial improvement towards the experience I was looking for.  

OP, the way you pose your question makes it seem that you're looking for a prompt to go upgrade your DAC. It's your time and money -- and you could be guessing correctly, so why not try it? Otherwise, it's very hard to know.

On this forum, anyone can throw out the name of a component to swap out or a brand. The more important answer to your question would describe a process of elimination to help you identify where the weak link(s) are. Then, you could know if the speakers were the problem.

Steve Guttenberg has a good little piece about not changing your speakers too quickly. A lot here is old news to folks --how good is your power? is his main question, but he mentions other things, such as the DAC. https://youtu.be/7gXSvHDOjFs