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Bitcoin To Hit $1 Million In Next 10 To 18 Months, Says Crypto Analyst: 'We're Still So Early In The Bitcoin Story'

Published 25/05/2024, 17:11
© Reuters.  Bitcoin To Hit $1 Million In Next 10 To 18 Months, Says Crypto Analyst: \'We\'re Still So Early In The Bitcoin Story\'

Benzinga - by Bibhu Pattnaik, Benzinga Staff Writer.

Jack Mallers, CEO of the Bitcoin wallet and payments app Strike, forecasts that Bitcoin (CRYPTO: BTC) could achieve a seven-figure valuation, potentially reaching up to $1 million.

What Happened: In an interview with "The Pomp Podcast" host Anthony Pompliano, Mallers stated that Bitcoin's price could increase between 260% and 1,357% within the next 10 to 18 months.

“I think we’re still so early in the Bitcoin story. I’m publicly on record saying I think Bitcoin will hit $250,000 to $1 million in this cycle. So now I’m speaking the next 10 to 18 months,” he said.

Mallers believes the current price of Bitcoin, $68,653, is just the beginning. Mallers attributes this potential surge to the U.S. government's need to print more money to manage its $34.577 trillion debt.

“I think people would be willing to pay $250,000 for a Bitcoin based on the mess that I think … I mean, there’s a massive hole and a loss that must be realized. That loss is going to come through debasing the currency. Asset prices are going to go up. What is the best asset and the best-performing asset? What’s the best money in human history? And so I think that has to be accurately priced,” Mallers added.

Also Read: Crypto Analyst Foresees Upswing In Bitcoin's Value Before Major Plunge

He argued that this currency debasement will drive Bitcoin's value up significantly.

Mallers also mentioned that the focus should not be on the cost of capital but on the amount of capital being printed despite interest rates being 5.5%.

“People are too fixated on the cost of capital regarding rates. They need to be more fixated on the amount of capital, which is they’re still printing dollars. It doesn’t matter that rates are at 5.5% — it’s still inflationary," he said.

Why It Matters: The prediction by Jack Mallers comes at a time when the cryptocurrency market is already experiencing significant bullish sentiments.

Earlier this year, a crypto analyst predicted a 119% surge in Bitcoin, citing the promise of a spot ETF and the upcoming halving event. This analyst emphasized the increased visible demand for Bitcoin, which could further bolster its price.

Additionally, another forecast projected a monumental Bitcoin rally by 2026. This long-term outlook aligns with Mallers' short-term prediction, suggesting a sustained upward trend for Bitcoin.

Now Read: Latest Bitcoin Halving Could Cost Miners Billions Of Dollars In Revenue: Report

This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

Photo: Shutterstock

© 2024 Benzinga does not provide investment advice. All rights reserved.

Read the original article on Benzinga

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