In an interview with Anthony Pompliano ‘s podcast on his YouTube channel, which is focused on Bitcoin, Jack Mallers confidently pointed to the possibility of reaching the $300,000 average for Bitcoin in the current cycle.
“I believe we are not even close to seeing the first chapter of digital currencies,” Mallers said.
I believe within the cycle we’re in now, Bitcoin will surge to between $250,000 and $1 million.
While making compelling arguments pointing to Bitcoin’s likelihood of reaching such dizzying heights, he touched on several factors.
Basing himself on Mallers, the author outlined the problems expected to hit the boned market so that central banks would infuse a large slice of liquidity into the financial system to steady it. He postulated that this would increase demand for financial assets such as Bitcoins with associated price increases.
Mallers argued that available Bitcoin units are limited and cannot be subject to inflation like fiat currencies. He also cited Wall Street bets as the major reason for his optimism that its price will soon rocket to $400,000 through increased adoption.
Mallers expanded on his thoughts and perspectives and specifically touched on Bitcoin’s current status as a macroeconomic system and why Wall Street is taking steps to deal with the Bitcoin market.
Inflation hedges: Mallers reemphasized that Bitcoin was tied to inflation and asserted it to be superior to gold due to its limited supply and freedom from state control. He also pointed to abundant profitability and opportunities for Bitcoin as a scarce and globally acknowledged currency.
Mallers always emphasized the Lightning Network, an additional layer to the Bitcoin Blockchain that enables fast and cheap microtransactions. He said that whenever the Lightning Network comes into action, more people will start using Bitcoin for regular purchases, such as cups of coffee.
Skepticism surrounding Bitcoin
Mallers accepted that some would consider Bitcoin a bubble but reiterated that it is the best hedge against the next financial crisis. He also expressed the recent approval of Bitcoin among businesspeople on Wall Street, which shows the changing tides toward its acceptance.
Mallers’ predictions are not unique or solely his, and he is not the only industry figure speaking positively about Bitcoin. Major influencers from the Cryptocurrency industry, like Michael Saylor and Arthur Hayes, for the future of Bitcoin.
Bitcoin visionaries Saylor and Hayes remain bullish
The MicroStrategy company’s CEO and chairman, Saylor, fully believes in Bitcoin and stated that it could skyrocket to $250,000 and even $350,000 by 2024. On the other hand, Hayes, the founder of BitMEX epitomized the possibility of Bitcoin to rise to $70,000 by 2025 and exponentially reach one million in the long run.
On the same note, both Saylor and Hayes propounded that Bitcoin is a scarce digital asset and a potential global currency, basing their argument on the fixed supply roadmap and specific events, such as the halving that will continue to support Bitcoin’s value appreciation in the future.
