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“We are at the beginning of history”
Jack Mallers, CEO of Strike, a Bitcoin (Bitcoin) payments app, made bold predictions about the price of the orange coin. Bitcoin could reach $1 million in this bull cycle, he predicts.
In a recent podcast with Antonio Pompliano on his YouTube channel, Mallers doubled his prediction that Bitcoin could reach $1 million per coin in the current market cycle.
“We are still so early in the history of Bitcoin,” he said. “I think Bitcoin will hit $250,000-$1 million this cycle.”
Mallers outlined several key factors driving Bitcoin’s potential rise to these remarkable heights.
He stressed that the bond market faces challenges that could lead central banks to inject significant liquidity into the financial system to stabilize it. Mallers said this influx of liquidity would push asset prices, including Bitcoin, higher.
Bitcoin is a superior form of money, Mallers argues. Its limited supply makes it resistant to inflation, unlike fiat currencies. His potential projection of Bitcoin reaching $1 million per coin is driven by growing adoption on Wall Street.
Mallers elaborated on his perspective regarding Bitcoin’s position as a legacy system, its resonance with the current macroeconomic environment, and the reasons driving Wall Street’s growing engagement with the Bitcoin market.
He reiterated Bitcoin’s role as a hedge against inflation and positioned it as a superior alternative to gold, citing its fixed supply and independence from government influence.
Additionally, Mallers also highlighted Bitcoin’s scarcity and its potential as a universally accepted currency as reasons for his optimism. He explained that Bitcoin is the most rigid form of money, with its fixed supply schedule and halving events every four years that gradually reduce the rate of issuance of new coins, thus increasing its long-term value.
Additionally, Mallers highlighted the importance of the Lightning Network, a layer 2 solution built on the Bitcoin blockchain, which facilitates near-instant and low-cost transactions. He believes that the adoption of the Lightning Network will allow Bitcoin to be used for everyday purchases, such as buying coffee, increasing demand for the cryptocurrency.
Skepticism around Bitcoin
Mallers acknowledged that some see Bitcoin as a speculative bubble. However, she has countered this perception by arguing it as the optimal safeguard against an impending financial crisis.
Furthermore, Mallers highlighted the growing acceptance of Bitcoin in Wall Street circles, signaling a change in sentiment towards the cryptocurrency.
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While Mallers’ predictions may seem ambitious, he is not alone in his bullish stance on Bitcoin. Other prominent figures in the cryptocurrency industry, such as Michael Saylor and Arthur Hayes, have also expressed confidence in Bitcoin’s future potential.
Bitcoin visionaries Saylor and Hayes remain optimistic
Michael Saylor, CEO and President of MicroStrategy, and Arthur Hayes, founder of BitMEX, have articulated ambitious predictions regarding the future price trajectory of Bitcoin.
In a discussion with CNBC, Saylor stated his belief that the value of Bitcoin could increase tenfold, potentially reaching $350,000 by 2024. He hypothesized that Bitcoin is a superior store of value than fiat currencies, predicting its continued adoption as more and more investors are recognizing its potential.
On the contrary, Hayes projected that the price of Bitcoin could surpass $70,000 by 2025 and rise to $1 million in the long term.
Hayes argued that the financialization of Bitcoin through the advent of a highly liquid Bitcoin ETF represents a tactic used by financial elites to retain capital within the system. Despite the potential market turbulence, Hayes argued that the financialization of Bitcoin would push the cryptocurrency market to new heights by the end of 2024.
Both Saylor and Hayes highlighted the scarcity and potential of Bitcoin as a globally adopted currency. They hypothesized that Bitcoin’s fixed supply schedule, featuring halving events every four years that reduce the issuance of new coins, will support its long-term value appreciation.