In a tweet published today, a prominent Bitcoin advocate and CEO of Jan3 hinted at a primary reason for the eventual surge of the leading cryptocurrency to a million-dollar price point in the future, speculating this could happen by 2024.
Meanwhile, Bitcoin surpassed the $45,000 mark, marking its highest level since April of last year.
Samson Mow, who previously worked with cypherpunk and cryptographer Adam Back as an executive at Back’s Blockstream, currently oversees several Bitcoin-associated companies aimed at assisting nation-states in adopting Bitcoin as a national currency, a few years down the line.
Mow believes that the leading cryptocurrency, Bitcoin, will eventually reach a value of $1 million, citing a different reason each time for his predictions. Today, he arrived at a new explanation for why he believes it’s feasible to witness Bitcoin breaking the million-dollar milestone in cryptocurrency exchanges.
Mow sees $1 million as entirely realistic for the flagship digital currency. Furthermore, he expressed that a million dollars “isn’t all that much” considering “all the monkeying around” that has occurred over the past few decades.
Many within the digital currency community believe that the fundamental prerequisites for Bitcoin’s launch didn’t arise during the 2007-2008 mortgage market crisis but well before that – notably, since the US dollar’s decoupling from the gold standard in 1976 and the US government’s backing as the sole support for the US dollar.
Moreover, over the past decade, the US government has printed vast amounts of the US dollar several times, injecting it into the economy during economic crises. The most massive issuance of the dollar occurred in 2020 during the pandemic, with over $6 trillion issued. More was printed in subsequent years, including 2023, to bail out banks and companies from bankruptcy.
Among other factors Mow anticipates propelling Bitcoin to $1 million is the upcoming Bitcoin halving event in April of this year and the massive influx of money into Bitcoin, with twelve Wall Street firms expecting approval for Bitcoin exchange-traded funds (ETFs).
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