Bitcoin (BTC) will possible attain $1 million within the “days to weeks” following the approval of a spot BTC exchange-traded fund (ETF), in keeping with Jan3 CEO Samson Mow.
“You’re hitting a really restricted provide of Bitcoin on the exchanges and obtainable for buy with a torrent of cash,” Mow mentioned, referring to the influx of institutional capital that’s anticipated following a possible spot ETF approval.
“For this reason you may go actually excessive all at one time,” he added.
Commenting on the same $1 million-per-Bitcoin prediction by entrepreneur Balaji Srinivasan, Mow mentioned that the impression of a spot Bitcoin ETF approval on costs will play out a lot quicker than central financial institution cash printing.
“Cash printing is like boiling the water very slowly,” he defined. “It takes years for that to permeate the financial system.”
In contrast to earlier rallies that led Bitcoin to new highs in a matter of months, Mow mentioned the post-ETF approval rally to $1 million might be a lot faster.
“The run up in 2017 was 9 months to 20x,” he recalled.
“Provided that we’re going to have billions and billions pouring in on ETF approvals, I feel it’s going to be a a lot shorter time-frame,” Mow mentioned.
To search out out extra concerning the rationale behind Mows’ value prediction, take a look at the complete interview on the Cointelegraph YouTube channel, and don’t neglect to subscribe!
