The post Strike CEO Predicts $1 Million Bitcoin If History Repeats appeared first on Coinpedia Fintech News
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. Scott asked him about the recurring cycles and drawdowns in Bitcoin prices, noting that people often get emotional and sell at the bottom, contributing to these patterns.
Melker suggested that we might be entering the next bull cycle, referencing the halving and four-year cycles. He then inquired about any wild price predictions for the next 12 to 18 months, considering the possibility of a repeated cycle.
Reacting to Melker’s question, the CEO said, “I think we are somewhere between 250,000 to a million which is a wide range but, you know, we’re being asked to price the hardest money ever in this piece of paper that they’re rapidly debasing, so it’s kind of up to their debasement. I think Bitcoin, a large driver of the price, is the printing of dollars when you’re pricing in dollars. But I think we could hit a million dollars per Bitcoin. I feel super confident in 250,000 at least in this cycle and I do think the high will land somewhere in that range.”
He described halving cycles as an inventory reduction, which he considers a very Chicago Midwestern perspective. Rather than debating if it’s priced in or not, he likens it to the 1988 drought when corn inventory drastically decreased, making price discovery much closer. The CEO believes that halving induces a price discovery period for Bitcoin due to the inventory reduction.
However, he sees the bigger catalyst as 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 I think a million dollar Bitcoin is reasonable. It’s not impossible,” he concluded.