- Strike CEO projected that BTC could hit $1M amidst a possible bonds market bailout.
- However, BTC suffered short-term ell pressure from Germany as Mt Gox plans to dump $9B.
Bitcoin [BTC] has retested the range-lows at $61K and threatened to drop lower. Despite the downside negative volatility, some industry figures have remained giga-bullish on the top digital asset.
MicroStrategy’s Michael Saylor recently projected that BTC could hit $10 million per coin. Strike’s CEO, Jack Mallers has joined the list of bold BTC’s long-term forecasts with a target of $1M per BTC.
In a recent interview with Scott Melker of ‘The Wolf of All Streets,’ Mallers noted,
‘I think a million-dollar Bitcoin is reasonable, it’s not impossible’
Mallers’ price target was hinged on his projection of central banks printing money to prop up the bond markets. According to the executive, such a scenario would fuel BTC, too, and was inevitable.
Bond market bailout to boost BTC?
Mallers acknowledged that halving induces price discovery for BTC because the inventory reduction cuts the supply schedule in half. However, he added,
‘I think the bigger catalyst is the sovereign debt market.’
The sovereign debt, also known as the bond market, is used by governments to borrow money to finance their national programs.
The debt instruments could be short or long-term. However, the sector is reportedly in crisis and demands a massive bailout, per Mallers.
In Q2, Galaxy Digital’s Mike Novogratz and BitMEX’s founder, Arthur Hayes, shared a similar outlook. In particular, Hayes underscored that the ongoing Japan crisis and dumping of US bonds could lead to a ‘stealth liquidity’ injection and boost BTC.
On memecoins, especially on Solana memecoins, Mallers viewed them as,
“Another way to monetize the inherent speculation that the populace has to go through this debasement period.’
Put differently, memecoins, per Mallers, are part of degenerate speculation caused by central banks’ currency devaluations.
In the meantime, BTC bears were in charge after dropping it to a range-low of $61K following an update that Mt Gox was ready to repay victims in early July.
Reacting to the selling pressure, Charles Edwards, founder of crypto hedge fund Capriole Fund, noted,
“Germany is dumping $3B and now MtGox is dumping $9B Bitcoin.’