“$1M for Bitcoin is reasonable, not impossible,” says Strike CEO

Journalist

Published in: June 25, 2024

  • Strike CEO projected that BTC could reach $1 million amid a potential bond market bailout.
  • However, BTC came under short-term pressure from Germany as Mt Gox plans to offload $9 billion.

bitcoin [BTC] has retested the lows of the range at $61,000 and threatens to fall further. Despite the negative downward volatility, some industry figures have remained very bullish on the leading digital asset.

MicroStrategy’s Michael Saylor recently projected that BTC could reach $10 million per coin. Strike CEO Jack Mallers has joined the list of bold long-term BTC forecasters with a target of $1 million per BTC.

In a recent interview with Scott Melker of ‘The Wolf of Every Street,’ Mallers noted

“I think a million dollar Bitcoin is reasonable, not impossible”

Mallers’ price target depended on his projection that central banks would print money to prop up bond markets. According to the executive, such a scenario would also boost BTC and was inevitable.

Bond Market Bailout to Boost BTC?

Mallers acknowledged that halving induces price discovery for BTC because the inventory reduction cuts the supply schedule in half. However, he added,

“I think the most important catalyst is the sovereign debt market.”

Sovereign debt, also known as the bond market, is used by governments to borrow money to finance their national programs.

Debt instruments could be short or long term. However, according to Mallers, the sector is in crisis and requires a massive rescue.

In the second quarter, Galaxy Digital Mike Novogratz and BitMEX founder Arthur Hayes shared a similar perspective. In particular, Hayes stressed that the current Japanese crisis and US bond dumping could lead to an injection of “stealth liquidity” and boost BTC.

Regarding Solana’s memecoins, Mallers saw them as,

“Another way to monetize the inherent speculation that the population has to go through this period of degradation.”

In other words, memecoins, according to Mallers, are part of the degenerate speculation caused by central banks’ monetary devaluations.

Meanwhile, BTC bears were in charge after falling to a low of $61,000 following an update that Mt Gox was ready to pay victims in early July.

Reacting to the selling pressure, Charles Edwards, founder of crypto hedge fund Capriole Fund, noted,

“Germany is dumping $3 billion and now MtGox is dumping $9 billion worth of Bitcoin.”

Next: Toncoin Heats Up: What Does $398 Million in Trading Volume Indicate?

This is an automatic translation of our English version.

Next: Toncoin Heats Up: What Does $398 Million in Trading Volume Indicate?

 
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