The CEO of payment app Strike is leaning bullish on Bitcoin (BTC) as the flagship crypto asset hovers above the $100,000 price tag.
In a new interview with Wall Street veteran Anthony Scaramucci on the Wealthion YouTube channel, Jack Mallers say that Bitcoin could reach a price of up to $1 million, a potential gain of about 871% from its current value.
On what could drive the crypto king to reach the seven-figure price target, Mallers says:
“The reality is that if America comes out and buys four million Bitcoin, I think Bitcoin will easily reach $1 million. If not, we’ll get some interesting fiscal policy out of this [incoming Trump] Administration, then $250,000 seems pretty reasonable.”
Bitcoin is trading at $106,994 at the time of writing, up 3.6% over the past 24 hours.
Mallers goes on to say that the current US and global budget situation is also a bullish catalyst for the leading cryptocurrency by market cap.
“I think we’re going to see one of the biggest bubbles in human history. I think the budget situation is a problem. So I think the problem is that we have too much debt.
And the way I would put it is that someone has to realize the loss. [US] Domestic debt to GDP ratio almost 130%. The global debt ratio is well above 300%. And so there is a loss that must be realized. And the question is: where are we going to realize that loss? Are we going to make all bondholders poor?
Probably not. My expectation is further currency devaluation, my expectation is further asset inflation. And my expectation is that Bitcoin will continue to be the best performer because it is the scarcest and the hardest to create. In fact, it’s the one thing you can’t make anything of anymore.”
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