Jack Mallers, CEO of Bitcoin (BTC) payment app Strike, has made a bold prediction about the price of Orangecoin, predicting that Bitcoin could hit $1 million during the current bull run.
In a recent podcast on Anthony Pompliano’s YouTube channel, Mallers further emphasized his prediction that Bitcoin could hit $1 million per coin in the current market cycle.
“The bitcoin story is just beginning,” he said. “I think bitcoin will hit $250,000 to $1 million this cycle.”
Mallers outlined several key factors that could propel Bitcoin to these astonishing heights.
He noted that the bond market is facing challenges and that central banks may inject large amounts of liquidity to stabilize the financial system. Mallers said this influx of liquidity would boost asset prices, including Bitcoin.
Mallers argues that Bitcoin is a superior currency. Unlike fiat currencies, Bitcoin is limited in supply and therefore inflation-resistant. Mallers predicts that Bitcoin could reach $1 million per coin, due to its growing adoption on Wall Street.
Mallers detailed his views on Bitcoin’s status as a legacy system, how it resonates with the current macroeconomic environment, and why Wall Street is becoming more involved in the Bitcoin market.
He reiterated Bitcoin's role as a hedge against inflation and positioned it as a better alternative to gold due to its fixed supply and independence from government influence.
Mallers also highlighted Bitcoin's scarcity and potential as a globally accepted currency as reasons for optimism. He explained that Bitcoin is the most robust currency, with a fixed supply schedule and a halving every four years, which gradually reduces the rate of new coin issuance, increasing its long-term value.
Mallers also highlighted the importance of the Lightning Network, a Layer 2 solution built on the Bitcoin blockchain that enables near-instant and cost-effective transactions. He believes the introduction of the Lightning Network will increase demand for the cryptocurrency by allowing people to use Bitcoin for everyday purchases, such as buying coffee.
Bitcoin Skepticism
Mallers acknowledged that some people see Bitcoin as a speculative bubble, but he disputed this perception, arguing that Bitcoin is the best hedge against an impending financial crisis.
Additionally, Mallers highlighted Bitcoin’s growing acceptance among Wall Street investors, signaling a shift 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 notable figures in the cryptocurrency world, such as Michael Saylor and Arthur Hayes, have also expressed confidence in Bitcoin's future potential.
Bitcoin visionaries Saylor and Hayes remain bullish
MicroStrategy CEO and Chairman Michael Saylor and BitMEX founder Arthur Hayes have each revealed ambitious predictions regarding Bitcoin’s future price trajectory.
During a discussion with CNBC, Saylor asserted his belief that Bitcoin's value could surge tenfold, hitting $350,000 by 2024. He positioned Bitcoin as a superior store of value compared to fiat currencies and predicted Bitcoin adoption would continue as more investors recognize its potential.
Conversely, Hayes predicted that Bitcoin's price could exceed $70,000 by 2025 and reach as high as $1 million in the long term.
Hayes argued that the financialization of Bitcoin through the emergence of highly liquid Bitcoin ETFs is a tactic employed by the financial elite to keep capital in the system. Despite the potential for market turmoil, Hayes argued that the financialization of Bitcoin will propel the cryptocurrency market to new heights by the end of 2024.
Both Saylor and Hayes emphasized Bitcoin's scarcity and potential as a globally accepted currency. They argued that Bitcoin's fixed supply schedule, with a halving every four years that reduces the amount of new coins being issued, will provide the foundation for long-term value appreciation.
