Bitcoin is likely to reach $1 million quickly due to a “torrent of money” coming from institutional investors in 2024, according to the JAN3 CEO.
Bitcoin (BTC) is likely to reach $1 million in the “days to weeks” following the approval of a spot BTC exchange-traded fund (ETF), according to JAN3 CEO Samson Mow.
“You’re hitting a very limited supply of Bitcoin on the exchanges and available for purchase with a torrent of money,” Mow said, referring to the inflow of institutional capital that is expected following a potential spot ETF approval.
“This is why you can go really high all at one time,” he adds.
Commenting on a similar $1 million-per-Bitcoin prediction by entrepreneur Balaji Srinivasan, Mow said that the impact of a spot Bitcoin ETF approval on prices will play out much faster than central bank money printing.
“Money printing is like boiling the water very slowly,” he explained. “It takes years for that to permeate the economy.”
Unlike previous rallies that led Bitcoin to new highs in a matter of months, Mow said the post-ETF approval rally to $1 million will be much quicker.
“The run up in 2017 was nine months to 20X,” he recalls.
“Given that we’re going to have billions and billions pouring in all at once on ETF approvals, I think it’s going to be a much shorter time frame,” Mow said.
To find out more about the rationale behind Mows’ price prediction, check out the full interview on our YouTube channel and don’t forget to subscribe!
