Bitcoin could reach $1 million sooner than most people expect, according to Samson Mow, CEO of Bitcoin-focused company JAN3. It predicts that the increase will not be slow and steady, but will occur suddenly, over weeks or months.
Speaking on a podcast, Mow compared Bitcoin’s future price jump to the collapse of fiat currencies. “When traditional currencies fail, they don’t slowly decline, but rather collapse all at once. That’s why I think Bitcoin won’t gradually rise to $1 million. Instead, we’ll see a rapid and dramatic rise in prices,” he explained.
Governments are getting involved in Bitcoin
Mow pointed out an important trend: governments are starting to mine and hold Bitcoin. He believes this is a sign that Bitcoin is on its way to becoming a dominant global currency, a process often called “hyperbitcoinization.”
One example he highlighted is Bhutan, which has been quietly mining Bitcoin for years. “If that’s not proof that hyperbitcoinization is coming, I don’t know what is,” Mow said.
He also predicts that countries will soon take out loans to buy Bitcoin, just as MicroStrategy has done. “It’s only a matter of time before a country takes a big step and uses debt to accumulate Bitcoin,” he added.
Recent Bitcoin Price Movements
As of February 11, Bitcoin was trading at around $96,831, up 0.88% from the previous day. Compared to a year ago, when it cost $48,189.88, Bitcoin is up more than 102%.
Over the past month, Bitcoin has risen 2.39%, starting at $93,756.77 and peaking at $108,786 on January 20.
Also read: 16 US states are taking steps to create Bitcoin reserves – is this the future of money?