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Jack Mallers, the CEO of Strike, a Lightning Network wallet for Bitcoin, has made a daring forecast for the cryptocurrency’s future amidst the turbulence in the financial markets. Mallers sees Bitcoin to previously unheard-of heights during its current cycle, perhaps even hitting a seven-figure price.
Mallers highlights the volatility in the bond market and points out that bondholders are dealing with hitherto unseen difficulties. Governments and central banks may turn to more accommodating monetary policies in an attempt to stabilize the bond market. According to Mallers, this flood of liquidity would cause Bitcoin’s value to soar from its present levels by as much as 297% to a whopping 1,486%.
For Mallers, Bitcoin’s price serves as the most accurate barometer of its adoption as a global monetary standard. He emphasizes that the rising price reflects an increasing number of individuals and institutions embracing Bitcoin as a viable form of currency. As Bitcoin’s utility grows, driven by its ability to address diverse financial challenges, Mallers anticipates a surge in its adoption worldwide.
“The bond market is in trouble for really arguably the first time in modern financial history. Bondholders are getting absolutely demolished and crushed. Now who owns bonds? All of our banks. So our bank deposits aren’t there because the bonds that were purchased with my deposit are underwater.
And so if central banks and governments are going to try and save that market, the amount of liquidity that’s needed is going to send assets very high…
So if that happens it’s impossible to speculate on an asset as scarce as Bitcoin. But I think $250,000 to one million is the imagination I have in that range of just how big this can get. And that’s based on all the liquidity that’s going to be required to make this market solvent.”
At the time of writing, Bitcoin is trading at $64,325.68, showcasing its resilience and enduring appeal amidst market volatility. Mallers’ forecast stands as a testament to Bitcoin’s potential to redefine the financial landscape, offering a glimpse into a future where cryptocurrencies play a central role in global economies.