The cryptocurrency market is abuzz with discussions about the potential approval of a Bitcoin ETF (exchange-traded fund). If realized, this development has the potential to inject significant capital into Bitcoin, potentially reshaping the entire industry.
Enthusiasts such as Samson Mow and Raoul Pal are optimistic, foreseeing a potential surge in the price of Bitcoin to an unprecedented $1 million.
ETFs Approval Will Promp Substantial Capital Influx
During a recent interview, Samson Mow, CEO of JAN3, forecasted a substantial upswing in Bitcoin’s price, suggesting it could potentially reach $1 million. Mow argued that the current crypto bull market deviates fundamentally from past cycles, disrupting the traditional four-year cycle pattern.
Moreso, Mow attributed the unprecedented price surge to a blend of supply and demand dynamics, coupled with impactful price shocks.
Mow emphasized that the endorsement of spot ETFs would be a pivotal juncture, unleashing a surge of institutional capital from the United States into Bitcoin. This sudden influx of billions could potentially prompt a swift escalation in prices.
“I don’t think [the current] rally is a very special rally. This is a rally for ants. The real rally is when [Bitcoin goes] to $1 million, and that is when the spot [Bitcoin] ETFs are approved, and we have tens of billions, maybe hundreds of billions of dollars flowing to Bitcoin in a very short time frame,” Mow said.
