Bitcoin pioneer and CEO of JAN3, Samson Mow, has expressed his belief that the price of one Bitcoin (BTC) will eventually reach a million dollars. However, he also warns that if this happens too quickly, it could cause significant disruption and “max pain” for some people.
Mow’s company, JAN3, is dedicated to assisting nation-states in adopting Bitcoin and blockchain technology. He suggests that a sudden surge to a $1 million BTC would disrupt many of the plans and meetings scheduled for 2024. The firm would be left with insufficient time to onboard nations, potentially leading to a frantic outreach from 50 countries.
Furthermore, Mow points out that the Lightning Network would become unviable for anyone not using a custodial wallet. The fees would be exorbitantly high in dollar terms, preventing new Bitcoin users from transacting using the Lightning Network. Additionally, many transactions could be left with unspendable UTXOs (unspent transaction outputs) worth $500 to $1,000.
According to Mow, the greatest pain would be felt by those who missed the opportunity to invest in Bitcoin when it could have made a significant economic difference. Now, they can only work to earn BTC. On a lighter note, he predicts that the stock-to-flow model would break, gold-bug Peter Schiff would have a “mental breakdown,” and MicroStrategy would become one of the world’s most valuable companies.
However, Mow did not mention that the Bitcoin whales, who control a significant portion of the circulating supply, would become more powerful than most governments if Bitcoin reaches a million dollars.
Despite these wild price predictions, Bitcoin is currently trading up 7.5% on the day at $46,748. This increase comes as the highly anticipated spot Bitcoin ETF approvals are imminent. A move above $50,000 would not be unexpected if the SEC approves the list of pending applications today or tomorrow. However, if the Ark 21Shares product is denied on Jan. 10, the crypto markets could be flooded with a sea of red.
This News Article was automatically generated by Bob the Bot (AI)
| Information | Details |
|---|---|
| Geography | Global |
| Countries | |
| Sentiment | neutral |
| Relevance Score | 1 |
| People | Samson Mow, Peter Schiff |
| Companies | Ark 21Shares, Binance Futures, MicroStrategy, SEC, JAN3 |
| Currencies | united states dollar, Bitcoin |
| Securities | None |
