Bitcoin is officially back in a bull market and could potentially hit $1 million per coin in the next few years, according to trader and investor Michaël van de Poppe.
However, the founder of MN Consultancy, MN Capital and MN Academy warned that a $1 million Bitcoin
Bitcoin price might come alongside a much broader debt crisis that could wreck the price of all assets in the short term.
Van de Poppe, who spoke with DeYoung on Oct. 24 — prior to Bitcoin’s recent return to new all-time highs — said that Bitcoin was back in a bull market but that it had been stuck in the “boring zone” while waiting for a return to the “banana zone.”
“I still believe that, currently, we are on the verge of the perfect storm, or we are actually building it already, which means that next year is going to be big,” he said. “But maybe that’s the difference: I think that the next part of the cycle is going to be longer than the previous cycle, so we’re going to end up in somewhere 2026.”
As to whether Bitcoin will ever reach the oft-discussed $1,000,000 price point, van de Poppe said it will likely happen as long as the de facto policy from central banks continues to be money-printing.
However, he cautioned that many investors don’t pay close enough attention to “the amount of debt that we create, and that’s going through the roof. It’s going to be recalled at some point, so we’re going to have a debt crisis like we’ve seen in 2008.”
“If that happens, the amount of dollars that we have in circulation is going to drop. And if that happens, the purchasing power is going to drop as well, and the price of Bitcoin will also change. So yes, at some point in time I expect it to happen. But if we have the crisis in between, yes, of course, it’s going to be disastrous for the valuation of all assets in the US dollar.”
Van de Poppe also weighed in on the impact that United States President-elect Trump and his administration might have on Bitcoin. “I think people overrate the current elections,” he told DeYoung. “In the long term, it doesn’t matter.”
“Bitcoin doesn’t care about governments, and it does care about policies.”
He argued that Trump’s approach to regulation would be great for Bitcoin in the short term, “at least if he does what he says.” However, the mid-term impacts could be “disastrous,” as he has stated he is determined to end inflation. Ultimately, regardless of who is in charge, Bitcoin will continue to offer the same value propositions it always has, van de Poppe said.
“I think in the short term, people overrate the elections. Just it doesn’t really make sense. It’s going to be the same outcome at the end of the day.”