Fox Business anchor Charles Payne thinks Bitcoin could reach $1 million some day as long as the government doesn’t wage war on it.
Fox Business anchor Charles Payne is a Bitcoin (BTC) investor – and he sees the price of one coin potentially soaring to $1 million.
In a newly published interview, the financial program host weighed the pros and cons of investing in stocks versus Bitcoin and explained why he thinks the government may conspire to capture it.
What Is Bitcoin’s Potential?
In a Thursday episode of the Coin Stories podcast, Payne argued that stocks, unlike Bitcoin, give shareholders exposure to a “great business” and let them partake in building the capitalist system that upholds the United States.
Bitcoin, however, may have a greater upside. “It can potentially go to a million,” he said.
“But also, it has the ability to revolutionize what has become overbearing government intervention, government interference,” he continued.
Payne claimed such government interference may invite state backlash, with politicians attempting to “usurp” the crypto movement with central bank digital currencies (CBDCs). Such currencies act like fiat but in digital form, directly issued and controlled by a central bank, and are often promoted by Bitcoin’s harshest critics.
So far, Western nations appear generally opposed to CBDCs due to privacy concerns and a lack of trust in the central bank. Should citizens reject it, Payne fears the state may force them to use it.
“I want to see Bitcoin prevail, and I think eventually that it will,” said Payne. “It’s got universal potential to change the world and lift so many boats that really are in a hopeless situation right now.”
Payne’s prediction is shared by the likes of BitMEX CEO Arthur Hayes, who claimed in October that hyperinflation could push the asset to $1 million within the next three years.
Banning Bitcoin: Will It Happen?
The anchor first heard about Bitcoin in 2013 but was hesitant to enter the market since he wasn’t sure how its supply was guaranteed to be fixed at 21 million coins.
The asset’s fixed supply is frequently touted as an advantage over printable fiat currencies, which Payne said affords governments powers that they don’t wish to forfeit.
Earlier this month, JPMorgan CEO Jamie Dimon recommended to Congress that Bitcoin and other cryptocurrencies should be banned entirely.
Senator Elizabeth Warren has since pitched legislation that would make crypto app developers subject to Bank-like anti-money laundering requirements, which critics are calling an effective ban on Bitcoin.