Bitcoin Could Reach $1 Million, Says Samson Mow
CEO of JAN3, Samson Mow, recently shared his bold prediction for Bitcoin’s future. He believes that its value could skyrocket to $1 million following the potential approval of a spot Bitcoin ETF in the U.S. in 2024. Mow argues that this approval will unlock a massive inflow of capital into Bitcoin.
Mow Discusses the Future Crypto Bull Market
Mow believes that the next crypto bull market will differ from past cycles due to a combination of supply and demand shocks. The approval of spot ETFs will lead to institutional investors in the U.S. pouring billions into the cryptocurrency due to the limited supply of Bitcoin available on exchanges.
Mow Discusses Bitcoin’s Potential for Rapid Growth
Mow points to Bitcoin’s history, noting its ability to appreciate 20x in about nine months during the 2016-2017 period. He believes that with the massive influx of capital on ETF approvals, the cryptocurrency’s potential for rapid growth will occur in a much shorter time frame.
ESG Compliance and New Capital as Game Changers
Bitcoin’s newfound compliance with environmental, social, and governance standards and the entry of new capital provide a fresh impetus for Bitcoin’s growth according to Mow because Bitcoin has shown diminishing returns in the past.
Predictions for the Cryptocurrency Market in 2024
Bitwise Asset Management, through their Senior Crypto Research Analyst Ryan Rasmussen, has recently shared forward-looking insights for the cryptocurrency market in 2024. He predicts that Bitcoin will reach new heights, potentially surpassing $80,000, fueled by the anticipated introduction of a spot Bitcoin ETF and the Bitcoin supply halving.
Spot Bitcoin ETF Approval Could Propel Bitcoin to New Highs
Bitwise predicts that the approval of spot Bitcoin ETFs will be the most successful ETF launch in history, capturing about 1% of the massive $7.2 trillion U.S. ETF market, translating to approximately $72 billion in managed assets.
Hot Take – The Future of Bitcoin and Cryptocurrency
Samson Mow and Bitwise provide compelling insights into the potential future of Bitcoin and the cryptocurrency market. If Mow’s predictions are realized, and the approval of spot ETFs unfolds as anticipated, and if the Bitcoin supply halves, we could see unprecedented growth in the value of Bitcoin, leading to historic highs and potentially significant shifts in the entire cryptocurrency landscape.
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