- Strike’s CEO predicted BTC could reach $1 million amid a possible bond market bailout.
- However, BTC faced short-term ell pressure from Germany as Mount Gox plans to dump $9 billion.
Bitcoin [BTC] retested the lows at $61K and threatened to move lower. Despite the downside negative volatility, some industry data has remained mega-bullish on key digital assets.
MicroStrategy’s Michael Saylor recently predicted that BTC could reach $10 million per coin. Strike CEO Jack Mallers has joined BTC’s list of bold long-term predictions with a target of $1 million per BTC.
In a recent interview with Scott Melker of ‘The Wolf of All Streets’, Mallers noted,
“I think a million dollar Bitcoin is reasonable, it’s not impossible”
Mallers’ price target depended on his projection that central banks would print money to support bond markets. According to the director, such a scenario would also boost BTC and was inevitable.
Bond Market Rescue to Boost BTC?
Mallers acknowledged that halving leads to price formation for BTC because the inventory reduction halves the delivery schedule. However, he added:
“I think the bigger catalyst is the sovereign debt market.”
The national debt, also called the bond market, is used by governments to borrow money to finance their national programs.
The debt instruments can be short-term or long-term. However, the sector is reportedly in crisis and is demanding a large-scale rescue package, Mallers said.
In the second quarter, Galaxy Digital Mike Novogratz and BitMEX founder Arthur Hayes shared a similar view. Particularly Hayes underlined that the ongoing Japan crisis and the dumping of US bonds could lead to a ‘stealth liquidity injection’ and boost BTC.
About memecoins, especially about Solana memecoins, Mallers Viewed she like,
“Another way to make money from the inherent speculation that the population has to go through this period of humiliation.”
In other words: according to Mallers, memecoins are part of degenerate speculation caused by central bank devaluations.
Meanwhile, BTC bears were in charge after lowering it to a low of $61K after a update that Mount Gox was ready to repay the victims in early July.
Commenting on the selling pressure, Charles Edwards, founder of crypto hedge fund Capriole Fund, said: noted,
“Germany dumps $3 billion and now MtGox dumps $9 billion Bitcoin.”