Opinion: Bitcoin-ETF approval could push the asset to $1 million

The price of Bitcoin could surge to $1 million after the first in the United States spot Bitcoin-ETF is approved by the SEC.

This view was expressed in an interview with Cointelegraph by JAN3 CEO Samson Mow.

He believes this will occur within a few days or weeks after the instrument is approved. That surge will be driven by inflows from institutional investors in 2024, the expert added.

“We will reach a very tight supply of Bitcoin on exchanges available for purchase with new money coming in. That is why the asset could move very high in a short period,”

Commenting on the unsuccessful bet by former Coinbase CTO Balaji Srinivasan on Bitcoin’s rise to $1 million, JAN3 CEO Samson Mow stressed that approval of a Bitcoin ETF would affect the asset’s price more than money printing by the Fed.

“Printing money is like boiling water—very slowly. It will take years for it to penetrate the economy,”

Earlier in October, former BitMEX CEO Arthur Hayes forecast Bitcoin reaching $1 million by 2026.

Digital gold will break through the $100,000 level ahead of the upcoming April 2024 halving, says industry veteran and Blockstream CEO Adam Back.

CryptoQuant projected Bitcoin to reach $50,000 at the start of next year.