Early Bitcoin adopter Brock Pierce has shared his thoughts on the future price of BTC as the cryptocurrency enters a new phase. Pierce, who is also a co-founder of stablecoin giant Tether, believes that the recent surge in Bitcoin fees, due to the development of new applications on its blockchain, is a bullish sign for the digital currency.
Pierce explains that the concept of “layer-2” technologies, which involve building on top of Bitcoin, has led to record fees during the halving. While other applications had previously moved away from Bitcoin to platforms like Ethereum, Pierce asserts that Bitcoin is now making a comeback and offering smart functionality, NFT functionality, meme technologies, and more. This resurgence has resulted in record fees as people rush to be the first to experience these new features built on top of Bitcoin.
Pierce expresses his enthusiasm for this development, stating that he is pleased with the current price of Bitcoin. He believes that a price target of $150,000 is feasible for the current bull market, but he envisions Bitcoin reaching $1,000,000 or even more in the long term.
According to Pierce, the future of Bitcoin is binary, meaning it will either go to zero or surpass $1,000,000, unless some unforeseen event occurs. Despite this uncertainty, he remains bullish on Bitcoin’s prospects.
As of now, Bitcoin is trading at $66,497.
Please note that The Daily Hodl does not provide investment advice, and investors should conduct their own research before making any high-risk investments in Bitcoin or other cryptocurrencies.
