- Mow believes bitcoin will likely reach $1 million in “days to weeks” after a spot bitcoin ETF is approved due to limited supply and expected institutional inflows.
- Mow says an ETF approval would impact bitcoin’s price much faster than money printing, with billions pouring in rapidly versus slowly permeating over years.
- Mow expects the timeframe to reach $1 million after ETF approval to be much shorter than previous rallies that took months, due to sudden inflows.
The approval of a spot bitcoin exchange-traded fund (ETF) could have a major impact on bitcoin’s price according to Jan3 CEO Samson Mow. Institutional inflows following an ETF approval are expected to drive the bitcoin price to $1 million quickly.
Bitcoin Could Reach $1 Million in “Days to Weeks”
Mow believes bitcoin will likely reach $1 million in the “days to weeks” after a spot bitcoin ETF is approved. He refers to the limited bitcoin supply and the “torrent” of institutional money expected to flow into bitcoin following an ETF approval. Mow adds this is why the bitcoin price could surge so dramatically all at once.
Comparing an ETF Approval to Money Printing
When comparing another prediction of bitcoin reaching $1 million due to money printing, Mow says an ETF approval would impact prices much faster. He explains that money printing slowly permeates an economy over years, while billions of dollars would pour into bitcoin rapidly after an ETF approval.
Previous Bitcoin Price Rallies
Mow points out bitcoin’s rally in 2017 took 9 months to reach 20x, but believes a post-ETF approval rally would happen much quicker given the sudden inflows. He expects the timeframe to reach $1 million to be much shorter than previous rallies.
Conclusion
In summary, the approval of a spot bitcoin ETF could result in a dramatic and rapid price surge for bitcoin based on the expected inflows of institutional capital. The $1 million price target following approval could be reached within days or weeks according to Mow.
