Strike CEO predicts $1 million BTC amid covid-level money printing

According to Strike CEO Jack Mallers, bitcoin could head to $1 million after a tsunami of newly printed cash pushes up all asset prices.

The CEO of the payments app that lets people send fiat currency around the world on Bitcoin rails said in an interview Friday that printing money is needed to save the U.S. bond market, which is “in trouble for the first time in the modern world.” “The History of Money”.

A recipe for money printing

According to Mallers, the US government and the Federal Reserve have two options: Either the banking system fails or they print their way out of the crisis.

“Historically, I think, governments and empires have chosen inflation to a great extent,” he said. “I expect inflation to heat up and the currency to depreciate.”

The CEO said the entire banking system, including JPMorgan and Bank of America, was a “plaintiff.”

In March 2023, institutions such as Silicon Valley Bank collapsed after experiencing a run on withdrawals. The decline was caused by revelations of heavy losses on long-term bonds that remain underwater, prices that have plummeted since the Federal Reserve began raising interest rates a year ago.

“The central banks and the government are going to try to save that market,” argued Mahler. The amount of money needed to bail out could be the equivalent of “two or three covids,” adding property values ​​as a byproduct.

How Bitcoin Hits $1 Million Per Coin

“I think my idea is in that range of $250,000 to $1,000,000 (Bitcoin),” he added.

Mallers Forecast BitMEX co-founder Arthur Hayes regularly writes about the worrying tension between inflation and government debt. In this month's Token2049, the essay says that Bitcoin will rise well above $100,000 this cycle as real interest rates continue to turn negative relative to US GDP.

Other industry leaders with valuations above $1 million include Jan3 CEO Samson Mou and ArchInvest CEO Kathy Wood.