Jesse Myers, Hedge Fund Manager, Predicts $10M BTC Price
Hedge fund manager Jesse Myers predicts Bitcoin will reach $10 million per BTC.
Myers explains his huge prediction’s calculations and timetable in a Coin Stories interview.
In a world of rising debt and currency depreciation, Myers argues Bitcoin is becoming a scarce and hard asset.
“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.
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.”
Myers argues Bitcoin is competing in a $900 trillion asset environment with much lower crypto acceptance than analysts expect.
“It’s a question of how much can Bitcoin win, how much value can Bitcoin actually take here. A $400 billion asset in a $900 trillion ocean. That means it’s 1/2000th of the world’s value, and that means collectively the world has a 0.05% percent allocation to Bitcoin.”
When Bitcoin’s adoption rate rises, Myers predicts a big supply shock.
He then explains how Bitcoin gaining half of gold’s market cap and extra percentages of the world’s top store of value categories leads to $10 million per BTC in today’s dollars.
Myers’ timing depends on how long it takes the public to realize Bitcoin’s true value. He thinks his price target will be met in a few decades.
“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.”
Myers worries about regulatory barriers to Bitcoin’s future.
He believes Bitcoin’s virality is crucial to its future and that individuals who understand its benefits must educate the next generation of investors.
