Fund Manager Jesse Myers of Protocol Capital has a bold prediction for Bitcoin enthusiasts: a staggering $10 million price tag per BTC.
According to a report by The Daily Hodl, in an interview with Natalie Brunell on the “Coin Stories” podcast, Myers delves into the reasoning and timeline behind his daring forecast.
Myers emphasizes that Bitcoin is carving out its place as a solid and scarce store of value in an age where debt is ballooning, and currencies are depreciating at an alarming rate. He points to the precarious state of holding bonds or fiat money in today’s economic climate, with the national debt and unfunded liabilities necessitating unprecedented levels of money printing just to stay afloat.
As the US grapples with $31 trillion in national debt and a mind-boggling $170 trillion in unfunded liabilities, Myers argues that Bitcoin is uniquely positioned to challenge traditional financial assets as a popular place for investors to park their value.
With Bitcoin currently representing a mere 0.05% of the world’s value, the potential for growth is immense. Myers believes that as the leading cryptocurrency’s adoption rate surges, Bitcoin’s fixed supply of 21 million BTC will trigger a massive supply shock.
Painting an optimistic picture of Bitcoin capturing a sizable chunk of gold’s market cap, along with a portion of the world’s top store of value categories, Myers envisions a future where Bitcoin’s value rockets to $10 million per coin in today’s dollars. While the timeline for this incredible leap remains uncertain, he believes that over the next few decades, as the public gradually grasps Bitcoin’s true value proposition, his price target will become a reality.
Of course, potential risks to Bitcoin’s future exist, with regulatory roadblocks being a top concern. Nonetheless, Myers emphasizes the importance of Bitcoin’s virality and the critical role of educating the next wave of investors about its benefits.