Bitcoin Could Reach $1 Million Rapidly After ETF Approval, Predicts JAN3 CEO Samson Mow
Summary:
Following a potential approval for a spot Bitcoin Exchange-Traded Fund (ETF), JAN3 CEO Samson Mow predicts that the cryptocurrency value could quickly soar to $1 million. This surge is expected to occur rapidly due to the influx of institutional finances blending with the limited Bitcoin supply. Mow asserts that this growth would be significantly faster than previous Bitcoin rallies, like in 2017's nine-month span.
In the aftermath of a possible approval for a Bitcoin (BTC) spot Exchange-Traded Fund (ETF), it's predicted that the cryptocurrency's value could skyrocket to $1 million in an incredibly short timeframe. This optimistic estimate comes from Samson Mow, CEO of JAN3. He emphasizes that the scarcity of Bitcoin in combination with an influx of institutional finances could lead to an extraordinary increase in the currency's value, going as far as likening it to a "torrent of money".
In his statements, Mow supports a similar claim made by entrepreneur Balaji Srinivasan, pointing out that the projected jump, following an ETF approval, will occur much faster than the economic effects of central bank money printing, which he compares to the gradual process of water boiling.
Past Bitcoin price surges, which saw it reach new heights over months, will pale in comparison to the speed at which it could hit the $1 million mark post-ETF endorsement. Mow specifically references the 2017 increase, where it took nine months for the cryptocurrency to increase twentyfold. However, with billions anticipated to flood into the market at once, Mow believes that a similar growth spurt would be achieved in a significantly shorter period. For more details, watch the complete interview with Mow on our YouTube channel and remember to hit the subscribe button!
Published At
12/15/2023 8:30:00 PM
Disclaimer: Algoine does not endorse any content or product on this page. Readers should conduct their own research before taking any actions related to the asset, company, or any information in this article and assume full responsibility for their decisions. This article should not be considered as investment advice. Our news is prepared with AI support.
Do you suspect this content may be misleading, incomplete, or inappropriate in any way, requiring modification or removal?
We appreciate your report.