Like many other crypto advocates, Lark Davis believes in the potential of Bitcoin (BTC) to reach the $1 million mark.
BTC as a Hedge Against Inflation
Davies acknowledged how Bitcoin has outperformed many traditional asset classes by a significant margin in the space of 15 years. He described the digital currency as the best bet for economic situations like inflation, further supporting the opinions of other crypto key players that perceive BTC as a hedge.
Bitcoin to $1 Million? Here’s Why It’s Possible! pic.twitter.com/yHI95iDHQ2
— Lark Davis (@TheCryptoLark) June 19, 2024
Michael Saylor, co-founder and Executive Chairman of MicroStrategy, recently declared Bitcoin to be the ultimate hedge over fiat currency.
“If it’s not Bitcoin, your money is melting,” the Bitcoin advocate boldly declared, stirring the crypto community. It is thus not surprising that traditional institutional investors like MicroStrategy and DeFi Technology have adopted Bitcoin as their treasury reserve assets.
In today’s news, Davies highlighted projections that the crypto will hit and probably surpass $1 million in the next 10 years. He claims to share the same stance but only sees the possibility of its reality if the United States Dollar loses global reserve status. The BTC investor noted that those who do not hold the digital currency when this situation becomes a reality may be filled with regrets.
Bitcoin Price at $65K
Davies believes that Bitcoin’s low inflation rate makes it one currency that cannot be weaponized by any government. Bitcoin’s decentralized nature is another feature that is constantly being highlighted.
Meanwhile, Jack Dorsey, the founder and former CEO of Twitter (now X), is one of those who has expressed a positive outlook on Bitcoin. He also believes that Bitcoin could record a bullish uptick in value to soar over $1 million very soon.
At the time of this writing, Bitcoin was still under selling pressure. The price is down by 0.57% and the coin is trading at $65,118.41. This level is still a far cry from the projected levels but there is still enough room for BTC to improve. This improvement might be fueled by spot Bitcoin ETF demand and macroeconomic factors.
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