Bitcoin Price Prediction: Is the Next Bull Run About to Hit $1 Million?
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In a recent conversation with analyst Scott Melker, Jack Mallers, the CEO and founder of Strike, a global Bitcoin app, explained why he is a Bitcoin maximalist. He emphasized that this prediction is grounded in economic fundamentals, including the likelihood of inflation soaring and the impact of civil unrest. Despite some recent outflows from U.S. Bitcoin ETFs, Mallers noted that global accumulation continues, with Australia’s Bitcoin ETF leading the charge and over 110 businesses now building on Bitcoin in Africa.
Here’s an insight into BTC’s next move amidst the looming danger of a market crash due to the debt rate rising.
Central Bank Policies and Money Printing
Mallers speculated that we may be entering a phase where central banks attempt to price-fix the bond market, which could lead to an unprecedented amount of money printing. He compared this potential scale of money printing to multiple instances of the stimulus measures taken during the COVID-19 pandemic. According to Mallers, this massive increase in money supply will likely drive up the prices of various assets such as gold, real estate, and equities.
Bitcoin’s Unique Position
Despite the expected rise in other asset classes, Mallers believes Bitcoin is unique and with its limited supply, it is positioned to outperform other assets by a significant margin. Mallers has previously predicted that Bitcoin could reach between $250,000 and $1 million, driven by what he sees as the greatest asset bull market ever. This prediction is grounded in his view that central banks have been manipulating financial markets to prevent economic pain and failures, thereby fueling asset bubbles.
Key Triggers for Bitcoin’s Breakout at $1M
Jack Mallers identified several key factors that could drive a significant increase in Bitcoin’s price. He anticipates that as summer ends and investors return, market activity will pick up, potentially boosting Bitcoin’s value. Additionally, a Federal Reserve rate cut could inject cheap capital into the market, benefiting risk assets such as Bitcoin. Furthermore, Mallers believes that the potential re-election of former President Trump, seen as a pro-Bitcoin candidate, could further stimulate a Bitcoin rally.
Mallers mentioned Vice President Kamala Harris can also turn crypto voters, citing positive discussions between her team and Coinbase.
For him, the bigger catalyst of BTC price at present is the sovereign debt market. Central banks, which aim to fix prices for societal benefit, are now facing the critical challenge of the sovereign debt market, or the bond market. “So he thinks a million-dollar Bitcoin is reasonable. It’s not impossible,” he concluded.
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