Early Bitcoin adopter Brock Pierce is revealing what he thinks is a “reasonable” price target for BTC as the flagship cryptocurrency moves into a new phase.
In a new interview on Fox Business, Pierce, who’s also a co-founder of stablecoin giant Tether, says that the recent explosion in Bitcoin fees as new applications are built for its blockchain represents a bullish catalyst for the flagship cryptocurrency.
“It’s what we’ve seen – Bitcoin had record fees during this halving because of a lot of what we call ‘layer-2’ technologies, the idea of building on Bitcoin.
If you’ve heard of Ethereum it’s all the other applications that had moved away from Bitcoin. But Bitcoin is back, and delivering smart functionality, NFT functionality, meme-technologies, all of these things are now being built on top of Bitcoin for the first time since almost a decade ago, and in anticipation of that, record fees as people are trying to get in to be the first on having all these new things that being built on top of BItocin.
Very exciting, and I’m happy with the price.”
Pierce, a former actor, says that $150,000 is a viable price target for the current bull market, but that $1,000,000 is more likely over the long term.
“I think it’s likely we’ll see north of $100,000. I think $150,000 is probably a reasonable target at some point this year. And long-term, it’s $1,000,000 or more. It’s a binary outcome. Bitcoin either goes to zero – Not really – or over $1,000,000 unless something happens. So it’s really binary in terms of what will happen over time.
And so I’m bullish.”
At time of writing, Bitcoin is trading at $66,497.
