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‘It’s early in the story’

Jack Mallers, the CEO of Strike, a Bitcoin (BTC) payments app, has made bold predictions about the price of the orange coin. Bitcoin could hit $1 million this bull cycle, he predicts. 

In a recent podcast with Anthony Pompliano on his YouTube channel, Mallers doubled down on his prediction that Bitcoin could reach $1 million per coin in the current market cycle. 

“We’re still so early in the Bitcoin story,” he said. “I think Bitcoin will hit $250,000 to $1 million in this cycle.”

Mallers outlined several key factors driving Bitcoin’s potential ascent to these remarkable heights.

He pointed out that the bond market is facing challenges, potentially leading central banks to inject significant liquidity into the financial system to stabilize it. Mallers stated that this influx of liquidity would push up asset prices, including Bitcoin.

Bitcoin is a superior form of money, Mallers argues. Its capped supply makes it resistant to inflation, unlike fiat currencies. His projection potential for Bitcoin to reach $1 million per coin, is driven by increasing adoption by 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 increasing 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 governmental influence.

Moreover, Mallers also underscored 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, thus boosting its long-term value.

Additionally, Mallers stressed the significance of the Lightning Network, a layer-2 solution built atop the Bitcoin blockchain, facilitating nearly instant and cost-effective transactions. He believes that the Lightning Network’s adoption will enable Bitcoin to be used for everyday purchases, like buying coffee, driving up demand for the cryptocurrency.

Skepticism surrounding Bitcoin

Mallers acknowledged that some view Bitcoin as a speculative bubble. However, he countered this perception by advocating for it as the optimal safeguard against an impending financial crisis.

Moreover, Mallers highlighted the increasing acceptance of Bitcoin within Wall Street circles, signaling a shift in sentiment towards the cryptocurrency.

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While Mallers’ predictions may appear ambitious, he is not alone in his bullish stance on Bitcoin. Other notable figures in the cryptocurrency sphere, such as Michael Saylor and Arthur Hayes, have also expressed confidence in Bitcoin’s future potential.

Bitcoin visionaries Saylor and Hayes remain bullish 

Michael Saylor, CEO and Chairman of MicroStrategy, and Arthur Hayes, founder of BitMEX, have each articulated ambitious forecasts regarding Bitcoin’s future price trajectory.

In a discussion with CNBC, Saylor asserted his conviction that Bitcoin could surge tenfold in value, potentially reaching $350,000 by 2024. He posited Bitcoin as a superior store of value compared to fiat currencies, foreseeing continued adoption as more investors acknowledge its potential.

Conversely, Hayes projected that Bitcoin’s price might surpass $70,000 by 2025 and ascend to $1 million in the long term. 

Hayes maintained that the financialization of Bitcoin through the advent of a highly liquid Bitcoin ETF represents a tactic financial elites employ to retain capital within the system. Despite potential market turbulence, Hayes contended that Bitcoin’s financialization would propel the crypto market to new heights by the close of 2024.

Both Saylor and Hayes underscored Bitcoin’s scarcity and potential as a globally embraced currency. They posited that Bitcoin’s fixed supply schedule, characterized by halving events every four years reducing new coin issuance, will underpin its long-term value appreciation.