bitcoin (btc) will likely reach $1 million in the “days or weeks” following the approval of a spot btc exchange-traded fund (ETF), according to Jan3 CEO Samson Mow.
“You're hitting a very limited supply of bitcoin on exchanges and available for purchase with a flood of money,” Mow said, referring to the influx of institutional capital expected following a possible approval of a spot ETF.
“That's why you can go very high in one go,” he added.
Commenting on a similar $1 million per bitcoin prediction from entrepreneur Balaji Srinivasan, Mow said the impact of a timely approval of a bitcoin ETF on prices will develop much faster than central bank money printing.
“Printing money is like boiling water very slowly,” he explained. “It takes years for that to permeate the economy.”
Unlike previous rallies that took bitcoin to new highs in a matter of months, Mow said the ETF's post-approval rally to $1 million will be much faster.
“The increase in 2017 was nine months and multiplied by 20,” he recalled.
“Given that we are going to receive billions and billions at the same time in ETF approvals, I think it will be a much shorter period of time,” Mow said.
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