- Market optimism has fostered bold Bitcoin price predictions.
- Samson Mow believes $1 million Bitcoin is on the cards.
- Some Bitcoin advocates are skeptical of such lofty calls.
Bitcoin price predictions are notorious for missing their mark and should always be taken with a grain of salt. Still, the emerging narrative around growing institutional appetite for Bitcoin exposure has reinvigorated market optimism, leading to a flood of bold price predictions for the coming bull cycle.
Capitalizing on this sentiment shift, Jan3 CEO Samson Mow has been fanning the flames of optimism with his own bold price prediction. As a vocal Bitcoin proponent, Mow is no stranger to lofty predictions. Yet, his latest forecast of Bitcoin hitting $1 million per coin stands out even by maximalist standards.
Bitcoin to $1 Million
Mow’s $1 million per coin prediction leans heavily on the premise that Bitcoin is poised to repeat the same parabolic growth cycle that led to 2017’s historic bull run. Explaining further, Mow stated that in 2017, Bitcoin pulled a 20x, surging from $1,000 to $20,000 in a matter of nine months.
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Furthermore, this rapid appreciation in value occurred during a period when the exchange supply was higher, there was a narrative on BTC mining being harmful to the environment, and there was no institutional interest.
According to Mow, Bitcoin is expected to follow the same trajectory as before, starting from $50,000 and enjoying a 20-fold price appreciation to reach $1 million per BTC. Mow believes that such exponential growth is even more achievable today than in 2017, when Bitcoin was up against an unfavorable backdrop. Despite Mow’s confidence in his prediction, his lofty outlook is not shared by all.
Dose of Reality?
Mow’s confident $1 million price prediction has been met with resistance from fellow crypto enthusiasts. According to the 𝕏 account “Bit Harington,” the push to $1 million per coin would require an exponentially greater flood of capital compared to 2017, making it much harder to achieve a 20x increase this time. As a result, the BTC price may not necessarily repeat in line with Mow’s expectations.
The theme of diminishing returns over successive cycles was repeated by economist David Andolfatto, who mentioned that this coming bull cycle will likely see lower percentage gains.
𝕏 commentator Magoo PhD took the humorous route in shooting down Mow’s forecast by associating such sky-high calls with smoking crack.
On the Flipside
- Bitcoin has the least regulatory uncertainty among cryptocurrencies, making it an attractive option for institutional investors.
- Arthur Hayes, co-founder of BitMEX, has also predicted that Bitcoin will reach $1 million. However, he warned that a “financial disturbance” requiring massive money printing would be necessary to achieve that price.
- The downtrend in the dollar’s purchasing power lends strength to Mow’s lofty prediction.
Why This Matters
While a million-dollar Bitcoin is difficult to envision, it would profoundly reshape finance and wealth if it happened. Hyperbitcoinization would follow, with cryptocurrencies dominating rather than competing with traditional currencies. Early adopters might become the new elite, signaling a degree of vindication from Bitcoin being dismissed as a scam in the past.
Find out how the price of Bitcoin has fared at each Thanksgiving here:
Thanksgiving 2023: The Price of Thanksgiving Dinner in Bitcoin Over the Last Decade
Learn more about Mow’s plans to discuss Bitcoin with Argentina’s newly elected president here:
Bitcoin State Advisor Plans Meeting With Argentina’s Milei
