Early Bitcoin pioneer Brock Pierce is sharing his perspective on a “realistic” price projection for BTC as the leading cryptocurrency enters a new phase.

During a recent interview on Fox Business, Pierce, who is also one of the founders of the prominent stablecoin Tether, highlights the surge in Bitcoin fees due to the development of new applications on its blockchain, which he views as a positive factor for the cryptocurrency.

Pierce notes, “We’ve witnessed Bitcoin experiencing record fees post-halving due to the emergence of various ‘layer-2’ technologies, focusing on expanding the capabilities of Bitcoin.

While Ethereum introduced numerous applications that diverged from Bitcoin in the past, we are now witnessing a resurgence in Bitcoin’s prominence with the integration of smart functionality, NFT capabilities, and meme technologies. These innovations are now being integrated with Bitcoin for the first time in nearly a decade, resulting in record fees as individuals rush to partake in these novel developments on the Bitcoin network.

This development is truly exhilarating, and I am optimistic about the price trajectory.”

The former actor suggests that a plausible price target for the ongoing bull market could be \(150,000, with a long-term projection exceeding \)1,000,000.

“I anticipate that we could see Bitcoin surpassing \(100,000 in the near future. A target of \)150,000 seems attainable at some point this year. Looking further ahead, the potential for Bitcoin to reach or exceed \(1,000,000 is quite realistic in the long run. It essentially boils down to a binary outcome – either Bitcoin becomes obsolete – which is highly improbable – or it surges past \)1,000,000, barring any unforeseen developments. Therefore, the outlook is overwhelmingly positive.”

As of the time of reporting, Bitcoin is valued at $66,497.

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