Bitcoin price has rallied today, soaring nearly 3%, reflecting an upward momentum in the broader market. The recent robust inflow into the U.S. Spot Bitcoin ETF and the regulatory nod for the Spot Ethereum ETF by the SEC has bolstered market participants’ sentiment.
Meanwhile, amid this positive wave, Strike CEO Jack Mallers has predicted that Bitcoin could reach $1 million in the near future, further fueling optimism.
Jack Mallers Predicts Bitcoin Price To Hit $1 Million
In a recent interview with Anthony Pompliano, Jack Mallers, CEO of Bitcoin wallet and payments application Strike, stated that Bitcoin could surge between 260% and 1,357% in the coming months. Notably, Mallers believes Bitcoin is still in its early stages, predicting that it could hit $250,000 to $1 million within the next 10 to 18 months.
Meanwhile, Mallers attributes this potential surge to the U.S. government’s likely need to increase money printing by the Federal Reserve to manage its $34.577 trillion debt. He argues that this currency debasement will drive asset prices higher, with Bitcoin standing out as the best-performing asset.
In addition, Jack Mallers asserted that Bitcoin’s value could soar to $250,000 due to prevailing financial instability. Mallers emphasized that the current economic turmoil creates a substantial gap that Bitcoin could fill, attracting significant investor interest.
Notably, this bold prediction reflects the growing sentiment among cryptocurrency enthusiasts that Bitcoin can serve as a safe haven amid global financial challenges. Despite high interest rates, Mallers emphasizes that the continued printing of dollars is inflationary.
In addition, he remains confident in his bold price target, suggesting that the fixed supply of Bitcoin against the central banks’ significant challenges supports his prediction. He emphasizes the importance of capital quantity over cost, highlighting Bitcoin’s potential amid economic uncertainties.
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Soaring Optimism Amid Price Surge
The news of Mallers’ prediction comes at a time when the U.S. Spot Bitcoin ETFs are regaining momentum. The journey for Bitcoin ETFs in the U.S. has been turbulent over the past few weeks, but recent developments have sparked renewed interest. According to Farside Investors, the U.S. Spot Bitcoin ETF recorded an inflow of over $1 billion this week through Friday, May 24.
Meanwhile, this influx highlights a growing confidence among investors, coinciding with the broader crypto market’s positive trend. On the other hand, the approval of the Spot Ethereum ETF by the SEC has also played a significant role in boosting market sentiment.
As Bitcoin continues to climb, Mallers’ prediction adds to the growing optimism within the crypto community. His insights reflect a broader belief that Bitcoin’s unique properties and the current economic landscape could lead to unprecedented price levels.
Meanwhile, as of writing, the Bitcoin price soared 2.72% and crossed the brief $69,000 mark, while its trading volume fell nearly 50% from yesterday to $22.80 billion. Over the last 24 hours, the Bitcoin Futures Open Interest rose 2.92% to 496.16K BTC or $34.33 billion, CoinGlass data showed.
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The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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