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Bitcoin (BTC) will possible attain $1 million within the “days to weeks” following the approval of a spot BTC exchange-traded fund (ETF), in accordance 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 stated, referring to the influx of institutional capital that’s anticipated following a possible spot ETF approval.
“That is why you’ll be able to go actually excessive all at one time,” he added.
Commenting on an identical $1 million-per-Bitcoin prediction by entrepreneur Balaji Srinivasan, Mow stated that the influence 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.”
Not like earlier rallies that led Bitcoin to new highs in a matter of months, Mow stated the post-ETF approval rally to $1 million can be a lot faster.
“The run up in 2017 was 9 months to 20x,” he recalled.
“On condition that we’re going to have billions and billions pouring in on ETF approvals, I believe it’s going to be a a lot shorter time-frame,” Mow stated.
To seek 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 overlook to subscribe!