3 - 4 minute read
Hedge fund manager Jesse Myers has made a bold prediction about Bitcoin’s future, stating that the leading cryptocurrency is on track to reach a staggering $10 million per BTC. In a recent interview with Coin Stories, Myers explained the math and timeline behind his prediction, offering insight into the factors that could drive Bitcoin’s value to new heights.
According to Myers, Bitcoin is emerging as a hard and scarce store of value in a world of ever-increasing debt and currency devaluation. He argues that the value proposition of holding bonds or fiat money is becoming increasingly unattractive as national debt and unfunded liabilities continue to grow. With $31 trillion of national debt and $170 trillion of unfunded liabilities in the US alone, Myers believes that printing more money will be necessary to keep up with interest expenses and budget deficits.
Bitcoin’s Competitive Landscape
Myers sees Bitcoin as competing in an asset world that is worth approximately $900 trillion, with global crypto adoption currently far below some analysts’ expectations. He notes that Bitcoin is a $400 billion asset in a $900 trillion ocean, with the world collectively holding just a 0.05% allocation to Bitcoin. Myers believes that Bitcoin’s maximum supply of 21 million BTC will create a massive supply shock as the cryptocurrency’s rate of adoption increases.
To arrive at his $10 million per BTC prediction, Myers breaks down the math behind Bitcoin’s potential value proposition. He believes that Bitcoin can capture half of gold’s market cap, as well as additional percentages of the world’s top store of value categories. Myers believes that it will take a generation for people to fully understand Bitcoin’s true value proposition, but he believes that his price target will become a reality within the next few decades.
Myers acknowledges that there are potential risks to Bitcoin’s future, with regulatory roadblocks being a top concern. He also believes that Bitcoin’s virality is key to its future, and that it’s imperative for those who understand its benefits to spread the word and educate the next wave of investors.
What This Means for Traders
For traders who are interested in Bitcoin, Myers’ prediction may offer some insight into the cryptocurrency’s long-term potential. However, it’s important to remember that trading carries a high level of risk and that there are no guarantees when it comes to investing. It’s essential to do your own research and to consult with a financial advisor before making any investment decisions.
Disclaimer: This article is not intended to provide financial advice. The information contained herein is for informational purposes only and should not be construed as financial advice. Trading carries a high level of risk and may not be suitable for all investors.