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 something similar $1 Million Bitcoin Prediction By entrepreneur Balaji Srinivasan, Mow said that the impact of the approval of a spot Bitcoin ETF on prices will develop much faster than the central bank's 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 be receiving billions and billions at the same time in ETF approvals, I think it will be a much shorter period of time," Mow said.
To learn more about the rationale behind Mows price prediction, watch the full interview on the Cointelegraph YouTube channel and don't forget to subscribe!
