Bitcoin (BTC) has the potential to skyrocket to $1 million within a short period if a spot Bitcoin ETF is approved. This bold statement comes from Samson Mow, the CEO of JAN3, who believes that institutional investors will flood the market with a “torrent of money” in 2024.
Mow’s prediction is based on the assumption that the regulatory authorities in the United States will finally approve a spot Bitcoin ETF. Currently, Bitcoin ETFs in the US are only available in the form of futures contracts. However, Mow believes that a spot Bitcoin ETF will attract more institutional investors and significantly drive up the price of BTC.
If the approval for a spot Bitcoin ETF is granted, Mow anticipates that the influx of institutional investment will push the price of BTC to a staggering $1 million in just a matter of days or weeks. He argues that the demand for Bitcoin will outweigh the available supply, creating a rapid surge in its price.
In recent years, institutional interest in Bitcoin has grown significantly. Major companies such as MicroStrategy and Tesla have added Bitcoin to their balance sheets, while investment firms like Grayscale have launched Bitcoin investment trusts. These developments have already contributed to the increase in Bitcoin’s price and market capitalization.
However, the approval of a spot Bitcoin ETF would mark a major milestone for the cryptocurrency industry. A spot ETF would allow investors to buy and sell actual Bitcoin, rather than just trading futures contracts. This would make Bitcoin more accessible to a wider pool of traditional investors, including pensions, endowments, and retail traders.
Experts have long speculated about the impact of a spot Bitcoin ETF on the price of BTC. Some believe that it could lead to a massive price rally, while others argue that it may have a more modest effect on the market. Nonetheless, the potential for a Bitcoin ETF has remained a topic of great interest and speculation within the cryptocurrency community.
In conclusion, Samson Mow predicts that the approval of a spot Bitcoin ETF in 2024 will unleash a “torrent of money” from institutional investors, driving the price of BTC to $1 million in a short period. However, it is important to note that these predictions are speculative and depend on various factors, including regulatory developments and market conditions. The cryptocurrency industry continues to evolve, and the approval of a spot ETF could indeed have a significant impact on Bitcoin’s price and adoption.