U.Today - In a tweet published today, major Bitcoin supporter and chief executive of Jan3 has suggested a major reason as to why the flagship cryptocurrency will ultimately reach the $1 million price level in the future. It may even happen in 2024, he believes.
In the meantime, Bitcoin has broken above $45,000 – the highest level since April last year.
Bitcoin will eventually reach $1 million, per 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 El Salvador’s adoption as a national currency a few years ago.Mow believes that the leading cryptocurrency, Bitcoin, will eventually be worth one million U.S. dollars, every time suggesting a different reason for his prediction. Today, he has come up with a new explanation as to why he believes it will ultimately be possible to see Bitcoin smashing the one-million-dollar level on crypto exchanges.
Mow believes that $1 million is quite a realistic prediction to make for the leading digital currency. What is more, according to him, $1 million “isn’t that much” considering “all the monetary monkey business” that has been happening for the last few decades.
Many within the cryptocurrency community believe that the first prerequisites for the launch of Bitcoin were seen not during the mortgage market crisis of 2007-2008 but much earlier – namely, since the U.S. dollar stopped being pegged to the gold standard in 1976 and U.S. government support was the only thing that backed the U.S. dollar.
Besides, over the past decade, the U.S. government has printed massive amounts of USD multiple times and injected them into the economy during economic crises. The most recent enormous dollar issuing occurred in 2020, during the pandemic, when more than $6 trillion were issued. More was printed in the years to follow, including 2023, to save banks and businesses from going bankrupt.
Among other drivers that Mow expects Bitcoin to reach $1 million is the approaching Bitcoin halvening event in April this year and the massive influx of funds into Bitcoin, as a dozen Wall Street firms expect approval of their spot Bitcoin ETFs.