In a tweet posted today, leading Bitcoin supporter and Jan3 CEO Samson Mow has suggested an important reason why the flagship cryptocurrency will eventually reach the $1 million price level in the future. It could even happen in 2024, he believes.
In a tweet posted today, leading Bitcoin supporter and Jan3 CEO Samson Mow has suggested an important reason why the flagship cryptocurrency will eventually reach the $1 million price level in the future. It could even happen in 2024, he believes.
Meanwhile, Bitcoin has surpassed $45,000, the highest level since April last year.
Bitcoin will eventually reach $1 million, according to Mow
Samson Mow, who used to work with cypherpunk and cryptographer Adam Back as CSO at Back’s Blockstream, now runs several Bitcoin-related companies to help nation-states adopt Bitcoin. He was one of those who contributed to the adoption of Bitcoin as the national currency in El Salvador a few years ago.
Mow believes that the leading cryptocurrency, Bitcoin, will eventually be worth a million dollars, and each time he suggests a different reason for his prediction. Today, he has given a new explanation for why he believes that it will ultimately be possible to see Bitcoin breaking the million-dollar level on crypto exchanges.
Mow believes that $1 million is a fairly realistic prediction for the leading digital currency. What’s more, according to him, a million dollars “is not much” considering “all the monetary business” that has been going on for the last few decades.
Many within the cryptocurrency community believe that the first prerequisites for the launch of Bitcoin were not observed during the mortgage market crisis of 2007-2008, but much earlier, that is, since the US dollar was no longer pegged to the standard. gold in 1976 and support from the US government was the only thing supporting the US dollar.
Additionally, over the past decade, the US government has printed massive amounts of dollars on multiple occasions and injected them into the economy during economic crises. The most recent huge dollar issuance occurred in 2020, during the pandemic, when more than $6 trillion was issued. More was printed in subsequent years, including 2023, to prevent banks and companies from going bankrupt.
Among other factors that Mow expects Bitcoin to reach $1 million are the upcoming Bitcoin halving event in April of this year and the massive influx of funds into Bitcoin, as a dozen Wall Street firms await approval of their Bitcoin spot ETFs.