Bitcoin Will Reach $1 Million ‘Violently' Within Months, Says Jan3 CEO
Bitcoin advocate Samson Mow, CEO of JAN3, has reiterated his prediction that Bitcoin will reach $1 million by 2025.
He noted that this surge won't be gradual but rather a rapid escalation occurring over weeks or months.
'If you look at the failure of fiat currencies, they don't gradually fail. They fail spectacularly. And this is the premise behind the 1 million Bitcoin call that is not going to be a gradual, slow increase to $1 million a coin, but rather a very short and violent upheaval that sends us there in a matter of months, weeks to months,' he said in a podcast.
Mow points to the increasing involvement of nations in Bitcoin mining as a key indicator of this impending 'hyperbitcoinization.'
Hyperbitcoinization refers to a scenario where Bitcoin becomes the dominant global currency, replacing traditional fiat currencies as the primary medium of exchange and store of value.
He cites Bhutan's Bitcoin holdings, accumulated through mining over the past few years, as a prime example. 'If this is not an indication that hyperbitcoinization is coming, I'm not really sure what is,' Mow asserts.
He also anticipates that countries will soon issue sovereign debt to acquire Bitcoin, drawing parallels to MicroStrategy's strategy of leveraging debt to purchase the cryptocurrency. 'It's just simply a matter of time before a country pulls that trigger and unleashes a torrent of sovereign debt to acquire Bitcoin,' Mow predicts.
As of Feb. 11, Bitcoin is trading at approximately $96,831, reflecting a 0.88% increase from the previous day and a substantial 102.1% rise from its price of $48,189.88 one year ago.
Over the past month, Bitcoin has experienced a 2.39% increase, opening at $93,756.77 and reaching a high of $108,786 on Jan. 20.
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