Bitcoin Price Could Reach $1 Million with Spot ETF Approval
Date: 2023-12-18 Author: Dima Zakharov Categories: IN WORLD
In a recent statement, Samson Mow, the CEO of Jan3, made a startling prediction regarding the future price of Bitcoin. He suggested that if spot ETFs for Bitcoin are approved, the price of the pioneering cryptocurrency could skyrocket to $1 million within a few short weeks. This ambitious forecast is grounded in several key factors, including the significant influx of institutional investments and the limited availability of Bitcoin on exchanges.
Mow emphasized the potential scarcity of Bitcoin as a driving force behind its rapid price increase, stating, "You'll have a very limited supply of Bitcoins available on exchanges, and a massive inflow of institutional capital. That's why the BTC price could reach very high levels in a very short amount of time," according to Mow.
Additionally, Jan3's CEO noted that the expansion of the money supply by the U.S. Federal Reserve also favors Bitcoin. However, Mow stressed that the process of printing more money is relatively slow and will take years to significantly impact the overall supply of dollars.
He concluded his statement by drawing a parallel to Bitcoin's previous performance, saying, "Remember, in 2017, Bitcoin grew 20 times in just 9 months. Considering that billions of dollars will flow into the cryptocurrency market simultaneously after the approval of spot ETFs, this time the growth will be much faster."
Notably, former BitMEX CEO Arthur Hayes has also expressed confidence in Bitcoin reaching the $1 million mark, echoing Samson Mow's bullish outlook.
