Popular cryptocurrency investor Preston Push recently predicted that the price of the flagship cryptocurrency, Bitcoin ($BTC), will increase by 100% annually compared to fiat currencies like the US dollar.
During a recent discussion with Scott Melker, Pysh detailed his Bitcoin price prediction, citing its rise as an important store of value amid the increasing erosion of fiat currencies like the euro and US dollar.
According to him, the price of bitcoin will continue to outperform the “rate of depreciation that the rest of the world’s fiat currencies will undergo.” He went on to say that many find it difficult to grasp the fact that global spending is expressed in these declining fiat currencies.
Based on this, Pysh predicts that the value of Bitcoin will double annually compared to its fiat counterparts, leading to its global adoption as a payment method. He added that its dominance will be evident when people start getting their bills denominated in Bitcoin “because it starts to take over.”
He added:
It’s not a 100% depreciation rate compared to bitcoin, it’s now 500% or 1,000% on an annual basis because that’s where it’s all going, whether people like it or not, or if they don’t want to believe it. I don’t care if you believe it. That’s where we’re going.
Pysh said once that happens, businesses will also demand payments in Bitcoin as they don’t want fiat currencies, which depreciate over time. Many have primarily amassed bitcoin while at the same time being optimistic about the cryptocurrency’s future.
As CryptoGlobe reported, leading stablecoin issuer Tether could be the owner of the 11th largest Bitcoin address. Tether’s bitcoin balance has increased significantly, adding another $176 million since the previous quarter, bringing the suspected holdings to an estimated 55,022 BTC. In the previous quarter, Tether’s balance was around $1.5 billion, which is roughly 53,490 BTC.
It’s worth noting that Tether announced earlier this year that it plans to use 15% of its realized net operating profit to invest in the flagship cryptocurrency. The company generates income from its large portfolio of US Treasury bills, gold and other investments.
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