Bitcoin (BTC) is likely to reach $1 million within “days to weeks” following the approval of a spot BTC exchange-traded fund (ETF), according to Jan3 CEO Samson Mow.
“There is a very limited supply of Bitcoin on exchanges, and huge sums of money can purchase it,” Mow said, referring to the expected influx of institutional capital following the approval of a potential spot ETF.
“This is why you can go really high at once,” he added.
Responding to entrepreneur Balaji Srinivasan’s similar $1 million-per-bitcoin prediction, Mow said the price impact of spot Bitcoin ETF approval would be seen 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.”
Mow said that unlike previous rallies that drove Bitcoin to new highs in months, the $1 million rally would be much faster following ETF approval.
“In 2017, it went up 20-fold in nine months,” he recalled.
“I think it would take a much shorter period of time to approve ETFs, considering that billions of dollars will be poured in all at once,” Mow said.
To learn more about the rationale behind Mows’ price predictions, check out the full interview on the Cointelegraph YouTube channel and don’t forget to subscribe!