dailyhodl.com
The CEO of Bitcoin’s Lightning Network wallet Strike Jack Mallers is predicting that the flagship crypto asset could reach a seven-figure price during the current cycle.
Mallers says in an appearance on the David Lin YouTube channel that efforts to save the bond market could lead to a looser monetary policy, consequently triggering Bitcoin (BTC) to appreciate by between 297% and 1,486% from the current level.
“The bond market is in trouble for really arguably the first time in modern financial history. Bondholders are getting absolutely demolished and crushed. Now who owns bonds? All of our banks. So our bank deposits aren’t there because the bonds that were purchased with my deposit are underwater.
And so if central banks and governments are going to try and save that market, the amount of liquidity that’s needed is going to send assets very high…
So if that happens it’s impossible to speculate on an asset as scarce as Bitcoin. But I think $250,000 to one million is the imagination I have in that range of just how big this can get. And that’s based on all the liquidity that’s going to be required to make this market solvent.”
According to the Strike CEO, the price is the “most accurate key performance indicator (KPI)” concerning Bitcoin adoption.
“What price tells me is a rather accurate measurement of how much of the world is using Bitcoin as money.
And so I expect more of the world to take on Bitcoin as money whether it be for any form of use case or value to them because it is so appealing in solving so many different problems.
So I expect the adoption of Bitcoin as a monetary unit to go up. And then against the dollar in particular and other fiat currencies, I expect it to be violent to the upside.”
Bitcoin is trading at $63,035 at time of writing.
Generated Image: DALLE3