Brock Pierce, an early adopter of Bitcoin, shares his thoughts on a “reasonable” price target for BTC as the leading cryptocurrency enters a new phase. In an exclusive interview on Fox Business, Pierce, who is also a co-founder of stablecoin giant Tether, believes that the recent surge in Bitcoin fees due to the development of new applications on its blockchain is a bullish catalyst for the cryptocurrency.

According to Pierce, the increased fees are a result of the integration of “layer-2” technologies and the building of various applications on top of Bitcoin. This development marks a significant shift, as many applications had previously migrated to Ethereum. Pierce expresses his excitement about Bitcoin reclaiming its position and offering smart functionality, NFT functionality, and meme technologies for the first time since nearly a decade ago. The anticipation of these advancements has led to record fees as people rush to be the first to experience these new features on Bitcoin.

Pierce, who was once an actor, believes that a price target of $150,000 is achievable in the current bull market, but he sees the long-term potential of Bitcoin surpassing $1,000,000. He describes the future of Bitcoin’s price as a binary outcome, stating that it will either go to zero or exceed $1,000,000 unless unforeseen circumstances arise. Overall, he maintains a bullish outlook on Bitcoin.

As of now, Bitcoin is trading at $66,497.

Don’t miss out on the latest news. Subscribe to receive email alerts directly to your inbox and stay updated on price action. You can also follow us on Twitter, Facebook, and Telegram. Join the Daily Hodl Mix and stay informed.

Disclaimer: The opinions expressed in this article are not investment advice. Investors should conduct their own research before engaging in high-risk investments in Bitcoin, cryptocurrency, or digital assets. Please note that all transfers and trades are done at your own risk, and any losses incurred are your responsibility. The Daily Hodl does not endorse the buying or selling of any cryptocurrencies or digital assets, nor is it a financial advisor. Please be aware that The Daily Hodl engages in affiliate marketing.

Featured Image: Sensvector/klyaksun