Bitget App
Trade smarter
Buy cryptoMarketsTradeFuturesEarnWeb3SquareMore
Trade
Spot
Buy and sell crypto with ease
Margin
Amplify your capital and maximize fund efficiency
Onchain
Going Onchain, without going Onchain!
Convert & block trade
Convert crypto with one click and zero fees
Explore
Launchhub
Gain the edge early and start winning
Copy
Copy elite trader with one click
Bots
Simple, fast, and reliable AI trading bot
Trade
USDT-M Futures
Futures settled in USDT
USDC-M Futures
Futures settled in USDC
Coin-M Futures
Futures settled in cryptocurrencies
Explore
Futures guide
A beginner-to-advanced journey in futures trading
Futures promotions
Generous rewards await
Overview
A variety of products to grow your assets
Simple Earn
Deposit and withdraw anytime to earn flexible returns with zero risk
On-chain Earn
Earn profits daily without risking principal
Structured Earn
Robust financial innovation to navigate market swings
VIP and Wealth Management
Premium services for smart wealth management
Loans
Flexible borrowing with high fund security
Strike CEO Predicts $1 Million BTC Amid COVID-Level Money Printing

Strike CEO Predicts $1 Million BTC Amid COVID-Level Money Printing

CryptopotatoCryptopotato2024/04/26 20:16
By:Andrew ThrouvalasMore posts by this author

Bitcoin is bound to explode in value as the central bank resorts to money printing to save U.S. bonds, Jack Mallers claims.

Bitcoin could be headed to $1 million after a tsunami of newly printed cash drives up all asset prices, according to Strike CEO Jack Mallers.

The executive, whose payments app lets people remit fiat currency around the world on Bitcoin rails, said in a Friday interview that money printing will be required to bail out the U.S. bond market, which he claims is “in trouble for the first time in modern financial history.”

A Recipe For Money Printing

According to Mallers, the U.S. government and the Federal Reserve have two options: either let the banking system fail, or print their way out of the mess.

“I think historically, governments and empires have picked inflation running hot,” he said. “I expect inflation to run hot, and the currency to be debased.”

The CEO claimed that the entire banking system is “insolvent,” including JPMorgan and Bank of America.

In March 2023, institutions like Silicon Valley Bank collapsed after experiencing a run on withdrawals. The collapse was spurred by revelations that they’d realized a massive loss on their underwater long-term bonds, which plummeted in value after the Federal Reserve began hiking interest rates the year prior.

“The central banks and government is going to try and save that market,” Mallers argued. The liquidity required for the rescue may equal “two or three Covids,” he said, which would boost asset prices as a byproduct.

How Bitcoin Hits $1 Million Per Coin

“I think $250,000 to $1,000,000 is the imagination I have, in that range, of just how big (Bitcoin) can get,” he added.

Mallers’ predictions echo those of BitMEX co-founder Arthur Hayes, who regularly writes about the precarious tension between inflation and government debt. At Token2049 this month, the essayist claimed that Bitcoin will surge well past $100,000 this cycle , as real interest rates continue to trend negative relative U.S. GDP.

Other industry leaders with price predictions surpassing $1 million include Jan3 CEO Samson Mow , and Ark Invest CEO Cathie Wood .

You Might Also Like:

  • Bitcoin Miners' Reserves Plummet to April 2021 Lows Amid Profit-Taking and BTC Price Decline
  • Bitcoin's Price Explodes Above $51K, Adding $1500 in Hours
  • Bitcoin Drops Below $60,000 Triggering $215 Million In Liquidations
0

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

PoolX: Earn new token airdrops
Lock your assets and earn 10%+ APR
Lock now!

You may also like