Jack Mallers, CEO of Strike, a Bitcoin (BTC) payments app, has made bold predictions about the price of Bitcoin. He suggests that Bitcoin could hit $1 million during this bull cycle.

In a recent podcast with Anthony Pompliano, Mallers reiterated his forecast that Bitcoin could reach between $250,000 and $1 million in the current market cycle. “We’re still so early in the Bitcoin story,” he said.

Mallers identified several key factors driving Bitcoin’s potential rise. He noted challenges in the bond market, which could lead central banks to inject significant liquidity into the financial system. This influx of liquidity, he argued, would push up asset prices, including Bitcoin.

According to Mallers, Bitcoin is a superior form of money due to its capped supply, making it resistant to inflation unlike fiat currencies. He believes increasing adoption by Wall Street will drive Bitcoin’s price towards $1 million per coin.

Mallers elaborated on Bitcoin’s position as a legacy system and its resonance with the current macroeconomic environment. He emphasized Bitcoin’s role as a hedge against inflation and compared it to Gold, citing its fixed supply and independence from governmental influence.

Mallers also highlighted Bitcoin’s scarcity and its potential as a universally accepted currency. He explained that Bitcoin’s fixed supply schedule and halving events every four years reduce the rate of new coin issuance, boosting its long-term value.

Additionally, Mallers stressed the significance of the Lightning Network, a layer-2 solution built atop the Bitcoin blockchain. This network facilitates nearly instant and cost-effective transactions, which he believes will enable Bitcoin to be used for everyday purchases, driving up demand for the cryptocurrency.

While some view Bitcoin as a speculative bubble, Mallers countered this perception by advocating for it as the optimal safeguard against an impending financial crisis. He also noted the increasing acceptance of Bitcoin within Wall Street circles, signaling a shift in sentiment towards the cryptocurrency.

“Bitcoin could hit $1 million this cycle,” Mallers predicts.

Mallers is not alone in his bullish stance on Bitcoin. Notable figures in the cryptocurrency sphere, such as Michael Saylor and Arthur Hayes, have also expressed confidence in Bitcoin’s future potential.

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 belief 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.

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