Bitcoin price could hit $1,000,000 in this bull run

Bitcoin price could hit $1,000,000 in this bull run, according to Kraken’s Dan Held

Dan Held, Growth Lead at crypto exchange Kraken, outlines in a podcast the catalysts he believes could ignite a supercycle for the Bitcoin price and catapult the leading cryptocurrency to $1 million.

In a new episode of the What Bitcoin Did podcast, Held explains why he believes the current bull market could become exponentially larger than the Bitcoin boom cycles in 2013 and 2017.

When I look at those cycles, the thing that makes me very excited about this coming one, which could be… a super cycle, is that this time it’s different. The bull runs in 2013 and 2017 were mostly based on retail-driven speculation. The macro markets, the rest of the world, were doing well. It was a big bull run and it was mostly Bitcoin Revolution platform speculative cycles driven by retailers with very shaky infrastructure….

According to Held, Bitcoin’s (BTC) primary use case as a store of value was thrust into the spotlight by the Covid 19 pandemic amid rampant money printing by governments around the world.

Covid was the catalytic moment that could fuel the Bitcoin price in unprecedented ways. While BTC was often dismissed as a speculative idea before and the idea behind it never quite understood, it now makes sense to more and more people due to recent events. Held believes that is precisely the point. More and more institutions and their managers see BTC as a store of value or even the next gold.

Bitcoin price could make another 20x from here

As governments saw their answer to Covid-19 in printing money, this will eventually devalue these currencies and people are looking at Bitcoin’s 21 million fixed cap. They look at that monetary policy, they look at the construction of BTC and how decentralised it is.

So the demand for Bitcoin, or the people who believe in Bitcoin – that market has grown tremendously to where we have institutions now.

Held adds that the improvement in infrastructure that has made the flagship crypto asset more accessible to retail investors is another factor that could further fuel demand, and therefore the Bitcoin price.

For the current bull run to be called a super cycle, the Bitcoin price is expected to rise over 20-fold from its current level of almost $50,000. That would pretty much take us to the $1,000,000 mark.

Needless to say, Held is thus quite bullish on the current bull run and could well be wrong about it. Therefore, our motto is: Do your own research!