Brock Pierce, an early adopter of Bitcoin, is sharing his perspective on the potential price target for BTC as the leading cryptocurrency enters a new phase. In an exclusive interview with Fox Business, Pierce, who is also a co-founder of the stablecoin giant Tether, believes that the recent surge in Bitcoin fees, driven by the development of new applications on its blockchain, is a positive catalyst for the flagship cryptocurrency.

Pierce explains that the record-breaking fees during the halving were a result of the emergence of “layer-2” technologies, which involve building on top of Bitcoin. While other applications had previously moved away from Bitcoin to platforms like Ethereum, Bitcoin is now making a comeback by offering smart functionality, NFT functionality, and meme technologies. These new developments are attracting great interest, resulting in high fees as people rush to get involved in the creation of these innovative projects on top of Bitcoin.

Pierce expresses his excitement about these advancements and states that he is satisfied with the current price. He believes that $150,000 is a reasonable price target for the ongoing bull market and anticipates that Bitcoin could reach $1,000,000 or more in the long term. He sees this outcome as binary, meaning that Bitcoin will either become worthless or soar to incredible heights, unless unforeseen circumstances occur. Overall, Pierce is optimistic about Bitcoin’s future.

As of the time of writing, Bitcoin is trading at $66,497.

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