Bitcoin’s Potential to Reach $1 Million
Bitcoin (BTC) could skyrocket to $1 million within a short period of time if a spot Bitcoin exchange-traded fund (ETF) is approved. Samson Mow, CEO of Jan3, believes that the combination of limited Bitcoin supply on exchanges and increased institutional investment will drive the price to unprecedented levels.
Mow explains that the limited availability of Bitcoin for purchase on exchanges, along with a surge of money from institutional investors, can cause a rapid and substantial increase in price. He compares this expected rally to predictions made by entrepreneur Balaji Srinivasan and suggests that the impact of a spot Bitcoin ETF approval on prices will unfold much faster than the effects of central bank money printing.
Mow anticipates that the rally to $1 million will occur at an unprecedented pace compared to previous Bitcoin bull runs. The influx of billions of dollars through ETF approvals could significantly shorten the timeframe for reaching this milestone.
Major ETF Issuers Meet with SEC
Several prominent Bitcoin ETF issuers have recently engaged in meetings with the U.S. Securities and Exchange Commission (SEC), raising hopes for the approval of spot Bitcoin ETFs. BlackRock, Grayscale, Franklin, and Fidelity have all had discussions with the SEC regarding their Bitcoin-related filings.
BlackRock, in particular, has met with federal regulators three times in as many weeks. The company has made amendments to its spot Bitcoin ETF application to facilitate participation from large banks, expanding the options beyond using only cryptocurrencies.
The SEC is expected to make a decision on BlackRock’s application by January 15, with a final deadline set for March 15. These meetings with key divisions within the SEC indicate growing interest and efforts surrounding Bitcoin ETF applications.
Hot Take: Bitcoin’s Potential for Explosive Growth
Bitcoin has the potential to experience explosive growth and reach $1 million within a matter of days to weeks if a spot Bitcoin ETF is approved. The combination of limited supply on exchanges and increased institutional investment will drive the price to unprecedented levels.
The approval of a spot ETF could result in a rapid and substantial increase in Bitcoin’s value, unfolding much faster than the effects of central bank money printing. Previous Bitcoin bull runs took months to achieve significant increases, but with billions of dollars flowing in through ETF approvals, the timeframe for reaching $1 million could be significantly shorter.
Meetings between major ETF issuers and the SEC indicate growing hope for the approval of spot Bitcoin ETFs. BlackRock, Grayscale, Franklin, and Fidelity have actively discussed their Bitcoin-related filings with the SEC, with BlackRock making amendments to its application to attract participation from large banks. The SEC is expected to make a decision on BlackRock’s application by January 15.
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