‘We’re in the Early Stages’

In a recent YouTube podcast with Anthony Pompliano, Jack Mallers reaffirmed his bold prediction that Bitcoin could reach $1 million per coin in the current market cycle. He stated, “We’re still so early in the Bitcoin story. I think Bitcoin will hit $250,000 to $1 million in this cycle.”

Mallers highlighted several factors that could propel Bitcoin to unprecedented heights. He pointed out challenges in the bond market, suggesting that central banks might inject significant liquidity to stabilize the financial system. This influx of liquidity, he argued, would increase asset prices, including Bitcoin.

Jack Mallers emphasized Bitcoin’s superiority as a form of money due to its capped supply, making it resistant to inflation unlike fiat currencies. He cited Wall Street’s growing adoption of Bitcoin as a significant driver behind its potential surge.

He also discussed Bitcoin’s position as a legacy system, its resonance with the current macroeconomic environment, and Wall Street’s increasing engagement. According to Mallers, Bitcoin acts as a hedge against inflation and is a superior alternative to gold, given its fixed supply and independence from governmental influence.

The Role of Scarcity and the Lightning Network

Mallers underscored Bitcoin’s scarcity and its potential as a universally accepted currency. He explained that Bitcoin’s fixed supply schedule and halving events, which reduce new coin issuance every four years, enhance its long-term value.

Additionally, he highlighted the significance of the Lightning Network, a layer-2 solution on the Bitcoin blockchain that enables nearly instant and cost-effective transactions. Mallers believes that as the Lightning Network gains traction, Bitcoin will be used for everyday purchases, driving up demand for the cryptocurrency.

Mallers acknowledged skepticism surrounding Bitcoin, with some viewing it as a speculative bubble. However, he countered this by advocating Bitcoin as the optimal safeguard against an impending financial crisis. He noted the increasing acceptance of Bitcoin within Wall Street, signaling a shift in sentiment towards the cryptocurrency.

Mallers is not alone in his bullish stance on Bitcoin. Michael Saylor, CEO and Chairman of MicroStrategy, and Arthur Hayes, founder of BitMEX, have also expressed confidence in Bitcoin’s future.

In a CNBC discussion, Saylor suggested Bitcoin could surge tenfold, potentially reaching $350,000 by 2024. He posited Bitcoin as a superior store of value compared to fiat currencies and anticipated continued adoption.

Similarly, Hayes projected that Bitcoin’s price might surpass $70,000 by 2025 and eventually reach $1 million. He asserted that the financialization of Bitcoin through a highly liquid Bitcoin ETF would propel the crypto market to new heights by late 2024.

Both Saylor and Hayes emphasized Bitcoin’s scarcity and its potential as a globally embraced currency. They argued that Bitcoin’s fixed supply schedule, characterized by halving events, will support its long-term value appreciation.