JAN3 CEO Predicts Bitcoin Could Hit $1M After ETF Approval
Bitcoin ETF Approval Could Catapult BTC to $1 Million in No Time, Says Samson Mow
Samson Mow, CEO of JAN3, believes that Bitcoin (BTC) is likely to reach $1 million in the days to weeks following the approval of a spot Bitcoin Exchange-Traded Fund (ETF). “You’re hitting a very limited supply of Bitcoin available on the exchanges and for purchase, with a money flow,” said Mow, referring to the expected influx of institutional capital following a possible spot ETF approval.
Why Such a High Forecast?
“That’s the reason why you can really go high, all at once,” he adds. Mow commented on a similar forecast of $1 million per Bitcoin by entrepreneur Balaji Srinivasan, saying that the impacts of a spot Bitcoin ETF approval on prices will occur much faster than central bank money creation. “Printing money is like very slowly bringing water to a boil,” he explained. It takes years for it to permeate the economy.
A Faster Rise Than in the Past
Unlike previous rallies that brought Bitcoin to new highs within months, Mow said the rally following the ETF approval to $1 million will be much faster. “The rise in 2017 took nine months to reach 20X,” he recalls. “Given the fact that we will have billions and billions all at once in ETF approvals, I think there will be a much shorter timeframe,” said Mow.
To learn more about the reasoning behind Mow’s price forecast, check out the full interview on our YouTube channel and don’t forget to subscribe!
Bitcoin Could Rise to $80,000, While Stablecoins Expected to Surpass Visa by 2024
In other news, there are forecasts that Bitcoin could rise to $80,000 by 2024, while stablecoins are expected to surpass Visa. These predictions are based on the assumption that the adoption of cryptocurrencies will continue to increase and institutional investors will continue to flood into the market.
Blockstream also plans to address the continuous surplus supply of Bitcoin miners with the Series 2 BASIC Note. Further details are not yet known.
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