Hedge Fund Manager Predicts $10 Million Price Bitcoin
Jesse Myers, a hedge fund manager, has predicted that BTC will reach a staggering $10 million in the coming decades.
Myers believes that Bitcoin is emerging as a hard and scarce store of value in a world of ever-increasing debt and currency devaluation. In an interview with Coin Stories, he breaks down the math and timeline behind his prediction.
Bitcoin as a hard and scarce store of value
According to Myers, Bitcoin is competing in an asset world that totals about $900 trillion, with a current level of global crypto adoption that is far less than some analysts believe.
He believes the flagship crypto is competing with national debt and unfunded liabilities, which will necessitate a level of printing that will outpace the nominal yield on holding bonds. The US has $31 trillion of national debt and $170 trillion of unfunded liabilities.
Myers believes that Bitcoin is the lowest-hanging fruit regarding where people have their value parked. He says that BTC’s maximum supply of 21 million BTC will create a massive supply shock as the leading cryptocurrency’s rate of adoption increases.
READ MORE: The Rise of BRICS Nations and Its Implications for Crypto and the US Dollar
Bitcoin’s path to $10 million
Myers believes that the asset’s path to $10 million per coin in today’s dollar terms is centered on capturing half of gold’s market cap and additional percentages of the world’s top store of value categories.
He explains that Bitcoin is currently a $400 billion asset in a $900 trillion ocean, meaning it’s 1/2000th of the world’s value and that collectively, the world has a 0.05% percent allocation to it.
Timeline for the prediction
Myers says that the key factor in determining the timeline for his prediction is how long it will take for the general public to gradually learn more about Bitcoin and understand its true value proposition.
He believes his price target will become a reality within the next few decades. Myers thinks that we have begun the BTC era, where having the asset as a major, if not primary, pillar of your personal savings strategy is the winning formula.
Potential risks
As for the potential risks to Bitcoin’s future, Myers says regulatory roadblocks are a top concern. He also believes its virality is critical to its future and that it’s imperative for those who understand its benefits to spread the word and educate the next wave of investors.
READ MORE: Government to Devalue Currency? – Expert Warns U.S. Dollar Could Lose Power
Conclusion
Myers’ prediction of $10 million per BTC is based on Bitcoin’s potential to become the go-to store of value in a world of ever-increasing debt and currency devaluation. He believes that the asset will capture a significant percentage of the world’s value. Still, people will need a generation to understand its true value proposition. He says regulatory roadblocks are a top concern and could derail Bitcoin’s future.
Andrey Kunev
Reporter at CoinsPress
Andrey Kunev is a knowledgeable cryptocurrency content creator passionate about the crypto market. With extensive experience in market analysis and investment reporting, Andrey is a valuable asset to the CoinsPress team. As a frequent contributor, he offers insightful and comprehensive coverage of market trends, price fluctuations, and new advancements in cryptocurrency. Whether you're a seasoned investor or just getting started, Andrey's clear and concise writing offers a comprehensive look at the current state of the crypto market and its prospects. Stay up-to-date with CoinsPress's expert analysis and commentary on all things cryptocurrency.
