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Bitcoin could be headed to $1 million after a tsunami of newly printed cash drives up all asset prices, according to Strike CEO Jack Mallers.
“I think historically, governments and empires have picked inflation running hot,” he said. “I expect inflation to run hot, and the currency to be debased.” In March 2023, institutions like Silicon Valley Bank collapsed after experiencing a run on withdrawals. The collapse was spurred by revelations that they’d realized a massive loss on their underwater long-term bonds, which plummeted in value after the Federal Reserve began hiking interest rates the year prior.
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