Jesse Myers, a hedge fund manager, predicts that the price of Bitcoin will surpass $10,000,000 per BTC
Jesse Myers, a manager of hedge funds, predicts that Bitcoin will reach an astounding $10 million per BTC.
According to Myers, Bitcoin is emerging as a hard and finite store of value in a world of rising debt and currency depreciation.
That is our only remaining option. We currently have a national debt of $31 trillion and $170 trillion in unfunded liabilities in the United States alone.
Then you’re talking about $3 trillion per year in interest costs when our budget deficit is already in the multi-trillion-dollar range. Consequently, you will need to issue approximately $4 trillion in new money to cover the projected $4 trillion deficit in the future.
In terms of where individuals store their wealth, I believe that Bitcoin is competing with this as the lowest-hanging fruit.”
According to Myers, Bitcoin is competing in a roughly $900 trillion asset market, with a far lower level of global crypto adoption than some analysts believe.
Myers asserts that Bitcoin’s maximal supply of 21 million BTC will produce a tremendous supply disruption as the dominant cryptocurrency’s adoption rate rises.
The arithmetic that brings him to $10 million per BTC in today’s dollars is based on Bitcoin capturing half of gold’s market capitalization as well as additional percentages of the world’s leading value stores.
Regarding his timeline, Myers states that the most important factor is how long it will take for the general public to learn more about Bitcoin and comprehend its true value proposition. He anticipates that his price objective will be realized within the next few decades.
“When I state that Bitcoin has a conservative chance of reaching $10 million per coin in today’s currencies, I am referring to an increase from 0.05% to 25% of the world’s value.”
Bitcoin will simply consume it, similar to a black hole. It will only be apparent in retrospect that those are the mechanisms that were unfolding right before people’s eyes while they were under the impression that this was merely Monopoly money.”
Regarding potential threats to Bitcoin’s future, Myers cites regulatory impediments as his primary concern.
He also believes that Bitcoin’s virality is essential to its future and that those who comprehend its benefits must educate the next generation of investors.
Disclaimer: The information provided in this article is for informational purposes only and should not be construed as financial or investment advice. Cryptocurrency investments are subject to market risks, and individuals should seek professional advice before making any investment decisions.