‘We have begun the Bitcoin era’: BTC to $10 million? Hedge fund manager Jesse Myers thinks so
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As Bitcoin moves its way up and to the right again today, here’s another (extremely) bold Bitcoin prediction for you…
This time, from Jesse Myers – an American Bitcoin-loving hedge fund manager who believes that it’s completely not out of the question that BTC reaches US$10 MILLION per coin one day.
Myers joins British cryptographer (and highly speculative contender for being the actual Satoshi Nakamoto) Adam Back in the US$10m Bitcoin prediction club.
Back recently hypothesised that BTC could hit the sky-high figure within about nine years due to the concept of “hyperbitcoinization” – a theorised result of out-of-control inflation aligning with endless government money printing and Modern Monetary Theory.
Former Coinbase exchange CTO Balaji Srinivasan is also down the hyperbitcoinization (yep, keeping the US spelling) rabbit hole, predicting a US$1 million Bitcoin by June 17. Er, this year.
As for Myers, it’s not the first time he’s mentioned the $10m figure for BTC, but his reaffirmation came in a recent interview with Bitcoin maximalist journo Natalie Brunell on her Coin Stories YouTube show/podcast.
“We have now entered an era where the value proposition of holding bonds or holding fiat money is very bad, because the national debt and the unfunded liabilities going forward are going to necessitate a level of printing that will outpace the nominal yield on holding bonds,” explained Myers, adding:
“That’s the only way out we have. We now have $31 trillion of national debt, $170 trillion of unfunded liabilities in the US alone.
“Then you’re talking about $3 trillion a year in interest expense when we’re already running a multi-trillion dollar deficit in our budget. So you’re talking about something like $4 trillion dollars of deficit going forward that you have to print in order to make that up…
“So that’s what Bitcoin is competing with as the lowest hanging fruit, I think in terms of where people have their value parked.”
If you’re banking on Bitcoin reaching that figure, you might have a bit of a wait. “Within decades” is the loose timeline provided for it by Myers, but he says:
“I think we have begun the Bitcoin era, where having BTC as a major if not primary pillar of your personal savings strategy is the winning formula. And it will take a generation for people to really get the picture.
“So when I when I say Bitcoin has, I think, a conservative chance of becoming $10 million dollars a coin in today’s dollars, that means going from 0.05% of the world’s value to 25% of the world’s value.
“Bitcoin is just going to suck it in, ingest it like a black hole. That’s what I think we’ve embarked on now and it will only be really clear in hindsight that those are the mechanics that were playing out right before people’s eyes while everyone was convinced that this was just Monopoly money.”
The fund manager also noted, in a series of tweets posted yesterday, that gold was the star performer during the “stagflation” of the 1970s, but that Bitcoin has a real chance of becoming this decade’s star performer.
Central to Myers’ thesis, too, is the supposition that Bitcoin will capture half of gold’s market cap over time.
— Jesse Myers (aka, Croesus 🔴 "crease-us") (@Croesus_BTC) April 2, 2023
Regarding the potential hurdles for Bitcoin achieving this level of performance, Myers acknowledged that negative regulatory actions against it are certainly a concern, but he believes that maintaining Bitcoin’s level of “virality” and keeping it in the conversation and relevant is imperative to its ultimate success.