Bitcoin reaching $1 million is not out of the question: FOX Anchor

Fox Business anchor Charles Payne is an investor in Bitcoin (BTC) — and he sees the value of one coin as high as $1 million.

In a newly published interview, the financial talk show host weighed the pros and cons of investing in stocks versus bitcoin and explained why the government is plotting to seize it.

What is the potential of Bitcoin?

On Thursday's episode of the Coin Stories podcast, Payne argued that stocks, unlike bitcoin, give shareholders exposure to “great business” and participate in building a capitalist system that supports America.

Bitcoin, however, may have higher volatility. “It could be up to a million,” he said.

“But it also has the potential to revolutionize government intervention, which is government intervention,” he continued.

Paine said such government intervention could invite a government response, saying politicians have been trying to “manipulate” the crypto movement by using central bank digital currencies (CBDCs). Such currencies function like fiat but are issued digitally and controlled directly by a central bank, and are often promoted by Bitcoin's harshest critics.

Until now, Western countries have generally resisted CBDCs due to privacy concerns and a lack of trust in central banking. If citizens refuse, Payne fears the state could force them to use it.

“I want to see Bitcoin win, and I think eventually it will,” Payne said. “They're in a hopeless situation right now to change the world and lift a lot of boats.”

Paine's prediction is shared by BitMEX CEO Arthur Hayes, who said in October that high inflation could push his assets to $1 million over the next three years.

Bitcoin Ban: Will It Happen?

The anchor first heard about Bitcoin in 2013 but was hesitant to enter the market because he wasn't sure how the supply would be fixed at 21 million coins.

A fixed supply of assets is considered an advantage over frequently printed fiat currencies, which Payne says gives governments power they don't want to lose.

Earlier this month, JPMorgan CEO Jamie Dimon urged Congress to ban Bitcoin and other cryptocurrencies entirely.

Senator Elizabeth Warren has since introduced legislation that would make crypto app developers subject to the same anti-money laundering requirements as banks, with critics calling for an effective ban on Bitcoin.