In a recent youtube interview with Scott Melker, Preston Pysh confidently stated that Bitcoin will emerge as the 100% ultimate store of value and a potent hedge against the relentless erosion of fiat currencies, like the US dollar. In simple words, it’s the best investment option if you want to double your money, the analyst says. He gave his bullish reasons behind his stance, let’s dive in.
According to the analyst, Bitcoin is a relatively stable currency in comparison to fiat currencies. The real kicker, according to Pysh, is that the value of other traditional currencies would drop owing to widespread inflation, creating a compelling situation for Bitcoin’s stratospheric growth.
Analyst Bullish Outlook for Bitcoin
Having said that, Pysh admits that many people will not digest this concept, mainly because the majority of expenses across the globe are still pegged to good old-fashioned fiat money. But he has an interesting point where he says that Bitcoin’s annual worth will double every year against these fiat currencies, with exponential growth over the next few years, making it more attractive to investors than dollars and Euros.
He says why can’t we imagine “No pay us in Bitcoin” a future where people might be settling their bills in Bitcoin simply because it’s an obvious choice? As the scales tip even further, the annual depreciation of fiat currencies against Bitcoin could hit an astonishing 500% or even 1,000%.
While the projections are high and making crypto a mainstream channel may pose some risk as of now as there are no clear rules and hence no accountability on the defaulters. Do you think it will be used as a payment option?
Well on this, Pysh goes on to illustrate a scenario where businesses, worried by the rapid decline of fiat, start insisting on receiving payments in the form of Bitcoin, sparking a surge in real-time Bitcoin transactions. And here’s the kicker: due to this increased demand, both small and large firms may rush into the Bitcoin market in an effort to profit from the transaction fees that may be incurred.
At the time of writing, Bitcoin is trading at $29,165, managing a modest 0.1% uptick in the last 24 hours.
