Mow’s optimism stems from the significant influx of institutional capital as well as the limited liquidity of BTC on the market. He argues that the combination of these factors will drive Bitcoin to unprecedented heights:
“With a very limited supply of Bitcoin available on exchanges and a massive wave of institutional investment, it’s highly likely that the price of BTC will skyrocket in an incredibly short period of time,” remarks Mow.
The CEO of Jan3 further highlights the role played by the increase in the money supply by the US Federal Reserve, which works in favor of Bitcoin. However, he emphasizes that the process of adding to the total dollar volume through printing press operations is slow and will span over several years.
“Let’s not forget that Bitcoin grew 20 times in just 9 months back in 2017. Considering the influx of billions of dollars into the cryptocurrency market immediately after spot ETF approval, this time the growth will be significantly faster,” Mow concludes.
Joining the chorus, former BitMEX CEO Arthur Hayes also reiterated his prediction of Bitcoin hitting the $1 million mark.