Bitcoin Could Skyrocket to $1M, But Debt Crisis Could Derail Growth

Trader Michaël van de Poppe, a well-known figure in the crypto world, says Bitcoin (BTC-USD) could hit an eye-watering $1 million. But before you get too excited, there’s a catch. Speaking exclusively with Cointelegraph at DKGcon 2024, van de Poppe expressed concern over the risks tied to America’s growing debt. “We’re on the verge of the perfect storm,” he warned, suggesting that while Bitcoin could skyrocket, a serious debt crisis could make it a bumpy ride for all assets.

Van de Poppe Predicts a “Perfect Storm” for Bitcoin

According to van de Poppe, Bitcoin is back in a bull market but has been in what he calls a “boring zone” while waiting for bigger moves. He thinks the cycle ahead could last until 2026, marking a longer journey for Bitcoin’s rise than previous cycles. Yet, for him, it’s not just about Bitcoin’s potential to reach that magical $1 million; it’s about the U.S. debt crisis building up in the background. He cautioned, “The amount of debt we create is going through the roof,” adding that a 2008-style crisis could rattle asset values globally.

Trump’s Policies Could Fuel Short-Term Gains

On top of economic concerns, there’s a political angle to this story. Van de Poppe sees some short-term gains for Bitcoin under Trump’s administration if he follows through on his deregulation plans. According to him, “Bitcoin doesn’t care about governments,” but looser policies might benefit the crypto space in the near term. However, Trump’s goal to control inflation could spell trouble in the longer term, a reminder that no administration can fully dictate Bitcoin’s fate.

Ultimately, van de Poppe believes that Bitcoin’s appeal as a hedge against traditional finance remains constant, regardless of economic or political headwinds.

At the time of writing, Bitcoin is sitting at $84,944.70, up 5.6% in the past 24 hours.