Popular cryptocurrency investor Preston Push has recently predicted that the price of the flagship cryptocurrency Bitcoin ($BTC) is set to see a 100% rise per year when compared to fiat currencies like the U.S. dollar.
During a recent discussion with Scott Melker, Pysh elaborated on his Bitcoin price prediction, pointing to its ascent as a prominent store of value in the backdrop of the escalating erosion of fiat currencies like the euro and the U.S. dollar.
Per his words, Bitcoin’s price will keep outperforming over the “debasement rate that the rest of the planet’s fiat currencies are going to go through.” He further opined that many struggle to grasp the fact that global expenses are expressed in these diminishing fiat currencies.
Drawing on this, Pysh predicts that Bitcoin will double in value yearly against its fiat counterparts, which will prompt its global adoption as a payment method. He added that when people start receiving their bills denominated in Bitcoin “because it’s starting to take over,” its dominance will be obvious.
It’s not a 100% debasement rate relative to Bitcoin, it’s now 500% or 1,000% on an annualized basis because that’s where this is all going whether people like that or not or don’t want to believe it. I don’t care whether you believe it. That’s where we’re going.
Pysh said that once this happens, businesses will also start demanding payments in Bitcoin as they won’t want fiat currencies that keep on losing value over time. Many have notably been accumulating Bitcoin while being bullish on the cryptocurrency’s future.
As CryptoGlobe reported, leading stablecoin issuer Tether could be the owner of the 11th largest Bitcoin address. Tether’s Bitcoin balance has seen a substantial increase, with an additional $176 million added since the preceding quarter, bringing its presumed holdings to an estimated 55,022 BTC. In the previous quarter, Tether’s balance hovered around $1.5 billion, equating to approximately 53,490 BTC.
Tether, it’s worth noting, revealed earlier this year plans to use 15% of its realized net operating profits to invest in the flagship cryptocurrency. The firm earns income from its large portfolio of U.S. Treasury bills, gold, and other investments.
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