Bitcoin Could Reach $1 Million Following Spot ETF Approval, Says CEO Samson Mow
According to JAN3 CEO Samson Mow, Bitcoin (BTC) has the potential to reach $1 million in just a few weeks after the approval of a spot BTC exchange-traded fund (ETF). Mow believes that the influx of institutional capital that is expected to follow the approval will cause a surge in demand for Bitcoin, resulting in a rapid increase in its price.
Mow compares this scenario to money printing by central banks, which takes years to have an impact on the economy. In contrast, he expects the post-ETF approval rally to $1 million to happen much faster than previous Bitcoin rallies. Mow points out that the 2017 rally took nine months to increase Bitcoin’s value 20 times, but with billions of dollars pouring in at once through ETF approvals, he predicts a significantly shorter timeframe for this rally.
Hot Take: Bitcoin’s Price Surge After Spot ETF Approval
If a spot BTC exchange-traded fund (ETF) gets approved, it could propel Bitcoin’s price to $1 million in just a matter of weeks. This is according to JAN3 CEO Samson Mow, who believes that the influx of institutional capital will create an overwhelming demand for Bitcoin. Unlike central bank money printing that takes years to affect the economy, Mow expects the post-ETF rally to happen much quicker. With billions of dollars entering the market at once through ETF approvals, he predicts a shorter timeframe for Bitcoin’s surge.
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