The bitcoin price has increased today by almost 3%, indicative of a market-wide increasing trend. Market participants’ attitude has been strengthened by the recent strong inflow into the U.S. Spot Bitcoin ETF and the SEC’s regulatory approval of the Spot Ethereum ETF.
Amid this upswing, Strike CEO Jack Mallers has forecast that Bitcoin may hit $1 million shortly, which has increased hope.
Jack Mallers believes the price of bitcoin will reach $1 million
In an interview with Anthony Pompliano and Jack Mallers, CEO of Strike, a Bitcoin wallet and payments software Company, I predicted that Bitcoin might rise by 260% to 1,357% in the upcoming months. Notably, Mallers thinks Bitcoin is still in its infancy and projects that it will reach $250,000 to $1 million in the next ten to eighteen months.
Mallers explains this possible spike by pointing out that the Federal Reserve will probably need to print more money to help the U.S. government manage its $34.577 trillion debt. He contends that asset values would rise due to this currency depreciation, with Bitcoin’s emerging as the top-performing asset.
Furthermore, Jack Mallers claimed that the current financial turmoil will cause Bitcoin’s value to skyrocket to $250,000. Mallers highlighted that there is a big void in the market right now that Bitcoin might fill and draw a lot of interest from investors.
This audacious forecast underscores the growing belief among cryptocurrency aficionados that Bitcoin may act as a haven in the face of global financial difficulties. Mallers highlights that the continuous printing of dollars is inflationary, even in the face of high interest rates.
Furthermore, he maintains his confidence in his audacious price objective, arguing that the fixed supply of Bitcoin in the face of major obstacles from central banks validates his forecast. He highlights the potential in the face of economic uncertainty and stresses the value of capital quantity above cost.
Growing Hope Amid Price Increase
Mallers forecast announcement coincides with the resurgence of U.S. Spot Bitcoin ETFs. Although there has been turbulence in the U.S. market for ETFs over the last several weeks, new developments have spurred interest. According to Farside Investors, the U.S. Spot ETF saw inflows of more than $1 billion this week through Friday, May 24.
This inflow, however, reflects investors’ increasing confidence at a time when the overall crypto market is trending upward. The SEC’s approval of the Spot Ethereum ETF has also contributed significantly to the improvement in market mood.
Mallers forecast adds to the growing excitement in cryptocurrency as Bitcoin keeps rising. His observations are in line with the wider view that Bitcoin’s peculiarities and the state of the economy as a whole may cause prices to soar to previously unheard-of heights.
As of this writing, Bitcoin’s price has increased by 2.72% and briefly crossed $69,000, while its trading volume has decreased by about 50% from yesterday to $22.80 billion. According to CoinGlass statistics, the Bitcoin Futures Open Interest increased 2.92% in the last day to 496.16K BTC, or $34.33 billion.
