Jack Mallers, the CEO of Strike, a Bitcoin (BTC) payments app, has expressed positive outlooks regarding the price of Bitcoin. He predicts that Bitcoin could reach $1 million during this bull cycle.
During a recent podcast with Anthony Pompliano on his YouTube channel, Mallers reiterated his belief that Bitcoin has the potential to reach $1 million per coin in the current market cycle.
“We’re just scratching the surface of the Bitcoin story,” he remarked.” he remarked. “I expect that Bitcoin will reach anywhere between $250,000 to $1 million in this particular cycle.”
Mallers highlighted several key factors propelling Bitcoin towards these lofty levels.
He noted the challenges facing the bond market, which could prompt central banks to inject substantial liquidity into the financial system to maintain stability. Mallers suggested that this injection of liquidity would drive up asset prices, including Bitcoin.
According to Mallers, Bitcoin stands out as a superior form of money due to its capped supply, making it resistant to inflation compared to fiat currencies. He attributes the potential for Bitcoin to reach $1 million per coin to its growing adoption by Wall Street.
Mallers expanded on his viewpoint regarding Bitcoin’s emergence as a legacy system, its alignment with the prevailing macroeconomic climate, and the factors motivating Wall Street’s growing involvement in the Bitcoin market.
He reiterated Bitcoin’s function as a hedge against inflation and positioned it as a superior alternative to gold, highlighting its finite supply and autonomy from governmental influence.
Furthermore, Mallers highlighted Bitcoin’s scarcity and its potential as a universally accepted currency as factors contributing to his optimism. He elaborated that Bitcoin represents the most rigid form of money, thanks to its fixed supply schedule and halving events occurring every four years, which gradually reduce the rate of new coin issuance, thereby enhancing its long-term value.
Moreover, Mallers emphasized the importance of the Lightning Network, a layer-2 solution built on top of the Bitcoin blockchain, enabling almost instant and cost-effective transactions. He expressed his belief that the widespread adoption of the Lightning Network will enable Bitcoin to be used for everyday purchases, such as buying coffee, leading to increased demand for the cryptocurrency.
Concerns Regarding Bitcoin
Mallers recognized that there are skeptics who consider Bitcoin to be a speculative bubble. However, he countered this view by promoting it as the best defense against an imminent financial crisis.
Additionally, Mallers emphasized the growing adoption of Bitcoin among Wall Street circles, indicating a change in sentiment toward the cryptocurrency.
Although Mallers’ forecasts might seem ambitious, he is not the only one with a positive outlook on Bitcoin. Other prominent figures in the cryptocurrency industry, like Michael Saylor and Arthur Hayes, have also voiced their confidence in Bitcoin’s long-term prospects.
Bitcoin Bulls: Saylor and Hayes Stand Firm
Michael Saylor, CEO and Chairman of MicroStrategy, and Arthur Hayes, founder of BitMEX, have expressed bold predictions concerning Bitcoin’s future price trajectory.
During a CNBC interview, Saylor confidently stated that Bitcoin could experience a tenfold increase in value, potentially reaching $350,000 by 2024. He highlighted Bitcoin’s superiority as a store of value compared to fiat currencies and anticipated further adoption as more investors recognize its potential.
On the other hand, Hayes forecasted that Bitcoin’s price could exceed $70,000 by 2025 and eventually reach $1 million in the long term.
Hayes argued that the introduction of a highly liquid Bitcoin ETF, facilitating the financialization of Bitcoin, is a strategy used by financial elites to retain capital within the system. Despite potential market volatility, Hayes maintained that Bitcoin’s financialization would drive the crypto market to new peaks by the end of 2024.
Both Saylor and Hayes emphasized Bitcoin’s scarcity and its potential as a universally adopted currency. They suggested that Bitcoin’s fixed supply schedule, marked by halving events every four years reducing new coin issuance, will support its long-term value appreciation.
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