$28,524, this is the price displayed by CoinGecko for bitcoin at the time of this writing. If we compare these figures to those of last November, the queen of cryptocurrencies is doing wonders again. Like other analysts, Jesse Myers strongly believes in an imminent ATH for bitcoin. Here are the details of his prediction.
Bitcoin, a solid store of value?
Balaji Srinivasan, a former Coinbase executive, predicted that BTC will hit $1 million in 90 days. Too good to be true, say some crypto investors. But the prophecies ofmulti-million dollar bitcoin should no longer surprise us.
Strangely enough, notorious people keep laying similar opinions on the Web. Such is the case of Jesse Myers, Hedge Fund Manager, whose presentation has been summarized on The Daily Hodl yesterday.
” We have entered an era where the value proposition of holding bonds or fiat currency is very bad, because the national debt and unfunded liabilities are going to require a level of printing that will exceed the nominal bond yield.
It’s the only way out we have. The national debt today stands at $31 trillion and unfunded liabilities at $170 trillion in the United States alone.
We are then talking about 3,000 billion dollars a year in interest charges, while our budget already shows a deficit of several trillions of dollars. It is therefore a deficit of some 4,000 billion dollars that will have to be printed to fill it.…
So that’s what Bitcoin is competing against, as the lowest fruit, I think, in terms of where people put their value. »
According to Jesse Myers, the total size of bitcoin’s competing assets is $900 trillion. But as this crypto-asset will become a store of value “ solid and safe he’ll gobble them up in a single gulp before long.
When will this happen?
Satoshi Nakamoto’s 21 million BTC will first need to know mass adoption. Already, with the current state of affairs, bitcoin has already taken half the market capitalization of gold.
The diagram below also demonstrates that bitcoin is slowly infiltrating the previously hermetic world of the world’s major store of value categories.
For Jesse Myers, bitcoin could quickly reach $10 million if the general public starts to take it.
” So when I say bitcoin has, I think, a conservative chance of becoming a $10 million coin in today’s dollars, that means it will go from 0.05% to 25% in value world “, he says, being very optimistic. Nevertheless, the question of regulation of crypto-assets remains problematic in his view.
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