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

In a recent podcast with Antonio 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 are still early in the history of Bitcoin,” he said. “I think Bitcoin will hit $250,000 to $1 million this cycle.”

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

He highlighted that the bond market faces challenges, which could lead central banks to inject significant liquidity into the financial system to stabilize it. Mallers stated that this influx of liquidity would increase asset prices, including Bitcoin.

Bitcoin is a superior form of money, argues Mallers. Its limited supply makes it resistant to inflation, unlike fiat currencies. His projected potential for Bitcoin to reach $1 million per coin is driven by growing 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 growing involvement 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.

Furthermore, 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 gradually reducing the rate of issuance of new coins, thus increasing their long-term value.

Additionally, Mallers emphasized the importance of the Lightning Network, a layer 2 solution built on the Bitcoin blockchain, facilitating near-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, increasing demand for the cryptocurrency.

Skepticism around Bitcoin

Mallers acknowledged that some see Bitcoin as a speculative bubble. However, he countered this perception by defending it as the ideal safeguard against an imminent financial crisis.

Furthermore, Mallers highlighted the growing acceptance of Bitcoin in Wall Street circles, 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 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 president of MicroStrategy, and Arthur Hayes, founder of BitMEX, have articulated ambitious predictions about Bitcoin’s future price trajectory.

On a discussion with CNBC, Saylor stated his belief that Bitcoin’s value could increase tenfold, potentially reaching $350,000 by 2024. He posited Bitcoin as a superior store of value compared to fiat currencies, predicting continued adoption as that more investors recognize its potential.

On the other hand, Hayes designed that the price of Bitcoin could surpass $70,000 by 2025 and rise 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 that financial elites employ to retain capital within the system. Despite potential market turbulence, Hayes stated that the financialization of Bitcoin would propel the crypto market to new heights by the end of 2024.

Both Saylor and Hayes highlighted Bitcoin’s scarcity and potential as a globally adopted currency. They postulated that Bitcoin’s fixed supply schedule, characterized by halving events every four years, reducing the issuance of new coins, will sustain its appreciation in the long term.

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