Bitcoin Pioneer Predicts $1 Million BTC Price
According to Bitcoin pioneer Samson Mow, the price of one BTC will eventually reach a million dollars. However, he warns that if this happens too quickly, it could cause “max pain” for some individuals. Mow explains that Bitcoin has a history of surprising us in disruptive ways.
“Bitcoin has a way of doing what we least expect and in the most disruptive way,” he said.
Mow points out several potential consequences if prices skyrocket. For instance, it could derail plans and meetings scheduled for 2024 when many nations are expected to adopt Bitcoin and blockchain technology. Additionally, a fast rise to $1 million BTC would make it difficult for new users to transact using the Lightning Network due to high fees.
“The biggest max pain would be from all the people who missed out,” Mow added.
On a lighter note, Mow mentions that the stock-to-flow model would break, Peter Schiff would have a “mental breakdown,” and MicroStrategy would become one of the world’s most valuable companies. However, he doesn’t mention the increased power of whales who control a significant portion of Bitcoin’s circulating supply.
BTC Price Outlook
Currently, BTC is trading at $46,748 with a 7.5% increase in value. This surge comes ahead of expected spot Bitcoin ETF approvals by the SEC. If these applications are approved, we may see the price surpass $50,000. However, if the Ark 21Shares product is denied on January 10th, it could lead to a decline in crypto markets.
Hot Take: A Million Dollar BTC
Samson Mow predicts that Bitcoin will eventually reach a price of one million dollars, but he warns that a rapid rise could cause significant disruption. It could derail plans for nations to adopt Bitcoin and make it difficult for new users to transact using the Lightning Network. Mow also highlights the missed opportunity for those who didn’t invest in Bitcoin earlier. While there may be some positive outcomes, such as the stock-to-flow model breaking and MicroStrategy’s increased value, it’s important to consider the potential consequences of a million dollar BTC.
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