Investor and podcaster Preston Pysh is predicting that Bitcoin (BTC) will put up 100% gains annually relative to fiat currencies.
In a new interview with Scott Melker, Pysh says that Bitcoin will become an obvious store of value and a hedge against an increasing debasement of fiat currencies like the US dollar.
[adinserter block="1"]“If I buy into this idea that Bitcoin is going to keep going up by like 100% a year, which I do, I buy into that idea because I know the debasement rate that the rest of the planet’s fiat currencies are going to go through.
That’s why I think it’s going to go up relative to those currencies. But what I think a lot of people just for whatever reason can’t wrap their heads around is the entire planet’s expenses are denominated in those fiat currencies.”
According to Pysh, Bitcoin’s value relative to fiat currencies will eventually double annually, which will boost the adoption of Bitcoin as a payment method.
“Once we get far enough down this path, where people are now getting their bills denominated in Bitcoin because it’s starting to take over because it’s so obvious. It’s not a 100% debasement rate relative to Bitcoin, it’s now 500% or 1,000% on an annualized basis because that’s where this is all going whether people like that or not or don’t want to believe it. I don’t care whether you believe it. That’s where we’re going.
There’s going to come a day where that’s the case and then businesses are going to start saying, ‘No, pay us in Bitcoin. We don’t want that fiat because it’s debasing too strongly.’
And that’s when you’re going to start seeing the pickup in immediate settlement in the demand for it. And then you’re going to start seeing all these people that are sitting on large swaths of Bitcoin, the net producers of the world, they’re going to start loading their Bitcoin into these channels, because there’s going to be demand for the fees.”
Bitcoin is trading for $29,165 at time of writing, up 0.1% in the last 24 hours.
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