Bitcoin to Hit $1 Million, Predicts Strike CEO
Jack Mallers, the CEO of Strike, a Bitcoin payments app, has made a bold prediction about the price of Bitcoin. According to Mallers, Bitcoin could reach $1 million during this bull cycle.
During a recent podcast with Anthony Pompliano on his YouTube channel, Mallers reiterated his prediction that Bitcoin has the potential to reach $1 million per coin in the current market cycle.
Mallers highlighted several key factors that could drive Bitcoin’s rise to these extraordinary heights. He pointed out that the bond market is facing challenges, which could lead central banks to inject significant liquidity into the financial system in order to stabilize it. Mallers believes that this influx of liquidity would drive up asset prices, including Bitcoin.
Mallers also argued that Bitcoin is a superior form of money. Its limited supply makes it resistant to inflation, unlike fiat currencies. He believes that increasing adoption by Wall Street is one of the factors that could drive Bitcoin to $1 million per coin.
Mallers expanded on his perspective regarding Bitcoin’s position as a legacy system, its relevance to the current macroeconomic environment, and the reasons behind Wall Street’s increasing involvement in the Bitcoin market. He emphasized Bitcoin’s role as a hedge against inflation and positioned it as a superior alternative to Gold, citing its fixed supply and independence from governmental influence.
Additionally, Mallers 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 gradually reducing the rate of new coin issuance, thereby increasing its long-term value.
Mallers also stressed the significance of the Lightning Network, a layer-2 solution built on top of the Bitcoin blockchain, which enables nearly instant and cost-effective transactions. He believes that the adoption of the Lightning Network will allow Bitcoin to be used for everyday purchases, such as buying coffee, which will drive up demand for the cryptocurrency.
While some view Bitcoin as a speculative bubble, Mallers countered this perception by advocating for it as the optimal safeguard against an impending financial crisis. He also highlighted the growing acceptance of Bitcoin within Wall Street circles, indicating a shift in sentiment towards the cryptocurrency.
Mallers is not alone in his bullish stance on Bitcoin. Other notable figures in the cryptocurrency industry, such as Michael Saylor and Arthur Hayes, have also expressed confidence in Bitcoin’s future potential.
Michael Saylor, CEO and Chairman of MicroStrategy, believes that Bitcoin could increase tenfold in value, potentially reaching $350,000 by 2024. He sees Bitcoin as a superior store of value compared to fiat currencies and expects continued adoption as more investors recognize its potential.
Arthur Hayes, founder of BitMEX, projected that Bitcoin’s price could surpass $70,000 by 2025 and eventually reach $1 million. Hayes believes that the financialization of Bitcoin through the introduction of a highly liquid Bitcoin ETF will help retain capital within the system. Despite potential market volatility, Hayes believes that Bitcoin’s financialization will drive the crypto market to new heights by the end of 2024.
Both Saylor and Hayes emphasized Bitcoin’s scarcity and its potential as a globally accepted currency. They believe that Bitcoin’s fixed supply schedule, which includes halving events every four years to reduce new coin issuance, will contribute to its long-term value appreciation.
