Preston Pysh, a podcaster and investor, believes that Bitcoin (BTC) will outperform fiat money by 100% yearly.
According to a recent interview with Scott Melker, Pysh, Bitcoin will undoubtedly become a store of value and a safeguard against the rising depreciation of fiat currencies like the US dollar.
“If I buy into this idea that Bitcoin is going to keep going up by like 100% a year, which I do, I buy into that idea because I know the debasement rate that the rest of the planet’s fiat currencies are going to go through.
That’s why I think it’s going to go up relative to those currencies. But what I think a lot of people just for whatever reason can’t wrap their heads around is the entire planet’s expenses are denominated in those fiat currencies.”
According to Pysh, Bitcoin will eventually double in value annually compared to traditional money, encouraging more people to use it as a form of payment.
“Once we get far enough down this path, where people are now getting their bills denominated in Bitcoin because it’s starting to take over because it’s so obvious. It’s not a 100% debasement rate relative to Bitcoin; it’s now 500% or 1,000% on an annualized basis because that’s where this is all going, whether people like that or not or don’t want to believe it. I don’t care whether you believe it. That’s where we’re going.
There’s going to come a day where that’s the case, and then businesses are going to start saying, ‘No, pay us in Bitcoin. We don’t want that fiat because it’s debasing too strongly.’
And that’s when you’re going to start seeing the pickup in immediate settlement in the demand for it. And then you’re going to start seeing all these people that are sitting on large swaths of Bitcoin, the net producers of the world, they’re going to start loading their Bitcoin into these channels because there’s going to be demand for the fees.”
According to Pysh, Bitcoin will eventually double in value annually compared to traditional money, encouraging more people to use it as a form of payment.
“Once we get far enough down this path, where people are now getting their bills denominated in Bitcoin because it’s starting to take over because it’s so obvious. It’s not a 100% debasement rate relative to Bitcoin; it’s now 500% or 1,000% on an annualized basis because that’s where this is all going, whether people like that or not or don’t want to believe it. I don’t care whether you believe it. That’s where we’re going.
There’s going to come a day where that’s the case, and then businesses are going to start saying, ‘No, pay us in Bitcoin. We don’t want that fiat because it’s debasing too strongly.’
And that’s when you’re going to start seeing the pickup in immediate settlement in the demand for it. And then you’re going to start seeing all these people that are sitting on large swaths of Bitcoin, the net producers of the world, they’re going to start loading their Bitcoin into these channels because there’s going to be demand for the fees.”
At the time of writing, the price of one bitcoin is $29,165, up 0.1% from the previous day.
