Bitcoin Price Prediction: $1 Million by 2025?
The bitcoin price has been on a rollercoaster ride, surging almost 400% from its post-FTX collapse lows in late 2022. As the market prepares for the 2024 presidential election, Treasury Secretary Janet Yellen has issued a serious warning over the spiraling $34 trillion U.S. debt pile.
US debt clock ticking away
Yellen’s warning comes after a legendary trader predicted the Federal Reserve will restart its money printer later this year. The U.S. debt interest payments are forecast to hit $870 billion this year, according to a recent analysis by the Congressional Budget Office.
“We’ve raised the interest-rate forecast,” Yellen told Bloomberg on the sidelines of a Group of Seven meeting for finance ministers and central bank governors in Italy. “That does make a difference. It makes it somewhat more challenging to keep deficits and interest expense under control.”
The Impact of Money Printing on Bitcoin
Jack Mallers, the chief executive of bitcoin payments app Strike, believes that the Federal Reserve’s money printing will lead to a massive hole in the economy. “There’s a massive hole and there’s a loss that has to be realized,” Mallers said. “That loss is going to come through debasing the currency. Asset prices are going to go up and what is the best asset and the best-performing asset? What’s the best money in human history? And so I think that has to be accurately priced.”
Mallers predicts that people would be willing to pay $250,000 for a bitcoin as a result of Fed money printing weakening the U.S. dollar.
Bitcoin price surge
Donald Trump’s Take on Bitcoin
Former U.S. President and Republican 2024 hopeful Donald Trump has reportedly asked if bitcoin could be used to solve the U.S. national debt problem. Trump, who has recently begun accepting crypto campaign donations, said President Joe Biden wants bitcoin and crypto in the U.S. “to die a slow and painful death.”
Donald Trump
The Future of Bitcoin
David Bailey, the chief executive of Bitcoin Magazine and a cryptocurrency aide of the Trump campaign, revealed that Trump asked if bitcoin could do anything about the $35 trillion debt. Bailey answered that he had some ideas but was not prepared to discuss that topic during their first meeting.
As the bitcoin price continues to surge, Mallers believes that we’re still early in the bitcoin story. “I’m publicly on record saying I think bitcoin hits $250,000 to $1 million in this cycle. So now I’m speaking the next 10 to 18 months.”
Bitcoin price prediction
The future of bitcoin looks bright, and with the Federal Reserve’s money printing and the U.S. debt pile growing, it’s no wonder investors are turning to bitcoin as a safe-haven asset.
