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- Samson Mow believes that Bitcoin can soar to $1 million in the near term.
- Mow claims that the market is poised to see an inflow from institutional players as anticipation for a Bitcoin Spot ETF heightens.
A prominent cryptocurrency figure has responded to an outpouring of bearish comments from members of the Bitcoin community. Despite Bitcoin’s position as the most valued cryptocurrency by market cap, market players are not convinced that the asset can hit $1 million in price value.
Taking to X, Samson Mow, the CEO of JAN3 and a key figure in the nation-state Bitcoin adoption gave his two cents on the matter.
Mow, who seems to be extremely bullish, asserted that the upcoming days and weeks could be crucial for Bitcoin. The Bitcoin proponent is convinced that the approval of an Exchange Traded Fund (ETC) could propel Bitcoin to new levels.
Notably, the cryptocurrency market is anticipating the approval of a Bitcoin Spot ETF from the U.S. Securities and Exchange Commission (SEC).
At present, more than 8 asset management firms have sent in a proposal to the SEC. These firms, including Valkyrie, WisdomTree, and BlackRock, are awaiting approval from the regulator, to issue a spot Bitcoin ETF.
Market experts are predicting that approval is likely to roll in within the early part of 2024. According to Mow, the Bitcoin market is bound to see an inflow of funds, courtesy of the ETF. The result of this could be a game changer for the market.
As Mow explained;
“It has come to my attention that there are some Bitcoiners that don’t think Bitcoin can reach $1,000,000 in a matter of days/weeks after ETF money starts to flow in. They’re in for a pleasant surprise.”
It has come to my attention that there are some #Bitcoiners that don’t think #Bitcoin can reach $1,000,000 in a matter of days/weeks after ETF money starts to flow in. They’re in for a pleasant surprise.
— Samson Mow (@Excellion) November 23, 2023
International Bitcoin Spot ETFs incapable of rivaling U.S. based ETFs, Mow asserts
In a follow-up post, Mow backed up his statement while citing historical events. He highlights the meteoric pace at which the asset increased its value by $19,000, despite the lack of institutional investors.
“In 2017 it took 9 months for Bitcoin to go from $1k to $20k. The block subsidy was 12.5, there was a lot more BTC sloshing around on exchanges, mining was boiling the oceans, and there was zero institutional money coming in. $1k to $20k is 20x. $50k to $1M is 20x.” His post read.
When asked why former Bitcoin investors will choose to invest in a U.S.-based Bitcoin Spot ETF, as opposed to a foreign Bitcoin Spot ETF, he responded that foreign ETFs are not of major interest to U.S.-based investors. At the time of this report, Bitcoin is trading at a press time price of $37,775.
