- Strike CEO projected that BTC could hit $1M amidst a possible bonds market bailout.
However, BTC suffered short-term ell pressure from Germany as Mt Gox plans to dump $9B.
As an analyst with a background in financial markets and a keen interest in digital currencies, I find the current state of Bitcoin intriguing. The contrast between the bullish projections from industry leaders like Michael Saylor and Jack Mallers and the short-term selling pressure from major players is noteworthy.
The price of Bitcoin [BTC] has dipped back down to the support level of $61,000 after a brief test, raising concerns of a potential further decline. However, despite the recent bearish trend, some prominent figures in the cryptocurrency industry continue to express strong optimism towards Bitcoin’s future growth.
MicroStrategy’s Michael Saylor predicts Bitcoin could reach a price tag of $10 million per coin in the future. Strike’s CEO, Jack Mallers, adds his voice to the optimistic outlook for Bitcoin, setting a long-term goal of $1 million per coin.
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 predicted that central banks would print money to support bond markets, which in turn would boost Bitcoin’s price. He considered this outcome as unavoidable based on his analysis.
Bond market bailout to boost BTC?
Mallers pointed out that reducing the Bitcoin inventory by half through a process called halving can lead to price exploration. This is because the decrease in supply causes the market to reassess the existing demand and potential new demand for the cryptocurrency.
‘I think the bigger catalyst is the sovereign debt market.’
As a researcher studying financial markets, I would describe sovereign debt, also referred to as government bonds, as the method by which governments secure funds for their various national initiatives by issuing debt instruments in the form of bonds to investors in the bond market.
Debt instruments in this sector may be either short- or long-term. Yet, according to reports from Mallers, there’s an alleged crisis brewing, which could potentially require a significant financial rescue.
During the second quarter, Mike Novogratz of Galaxy Digital and Arthur Hayes, the founder of BitMEX, held identical perspectives. Notably, Hayes emphasized that the ongoing crisis in Japan and the mass selling of US bonds could result in a “covert infusion of liquidity” and positively impact Bitcoin’s price.
On memecoins, especially on Solana memecoins, Mallers viewed them as,
As a crypto investor, I can explore alternative ways to profit from the ongoing debasement of currency value. One such method is by taking advantage of the inherent speculation during this period. This means buying and holding onto cryptocurrencies or other assets that are perceived to increase in value as traditional currencies depreciate. By doing so, I can potentially capitalize on market trends and make a profit when the time comes to sell.
In simpler terms, according to Mallers, memecoins represent a form of reckless investment in the context of central banks weakening currencies through devaluation.
During this period, control passed to Bitcoin sellers, causing its price to dip down to $61,000 – a new lower range – after the announcement that Mt. Gox intended to compensate its victims as early as July.
In response to selling activity, Capriole Fund’s founder Charles Edwards expressed his observation.
“Germany is dumping $3B and now MtGox is dumping $9B Bitcoin.’
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2024-06-25 08:07