CEO of Strike Forecasts 1 Million Bitcoin Price if Historical Patterns Repeat
During a recent discussion with analyst Scott Melker, Jack Mallers, the CEO and founder of Strike, a global Bitcoin app, shared why he identifies as a Bitcoin maximalist. Melker raised the topic of recurring cycles and drawdowns in Bitcoin prices, pointing out that people often make emotional decisions and sell at the bottom, contributing to these patterns.
Melker suggested that we might be entering the next bull cycle, referring to the halving and four-year cycles. He then asked Mallers if he had any bold price predictions for the next 12 to 18 months, considering the possibility of a repeated cycle.
In response to Melker’s question, Mallers stated, “I think we are somewhere between 250,000 to a million, which is a wide range. But, you know, we’re being asked to price the hardest money ever in this piece of paper that they’re rapidly debasing, so it’s kind of up to their debasement. I think Bitcoin, a significant driver of the price, is the printing of dollars when you’re pricing in dollars. But I think we could hit a million dollars per Bitcoin. I feel extremely confident in 250,000 at least in this cycle, and I do believe the peak will fall somewhere within that range.”
He described halving cycles as inventory reductions, which he considers a very Chicago Midwestern perspective. Instead of debating whether it’s already priced in or not, he compares it to the 1988 drought when corn inventory significantly decreased, leading to a closer price discovery. Mallers believes that halving triggers a period of price discovery for Bitcoin due to the reduction in supply.
However, he sees the bigger catalyst as the sovereign debt market. Central banks, who aim to stabilize prices for the benefit of society, are now facing a critical challenge in the form of the sovereign debt market, or the bond market. “So I think a million-dollar Bitcoin is reasonable. It’s not impossible,” he concluded.
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