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Bitcoin (BTC) will likely reach $1 million in the \u201cdays to weeks\u201d following the approval of a spot BTC exchange-traded fund (ETF), according to Jan3 CEO Samson Mow.\u00a0<\/p>\n
\u201cYou\u2019re hitting a very limited supply of Bitcoin on the exchanges and available for purchase with a torrent of money,\u201d Mow said, referring to the inflow of institutional capital that is expected following a potential spot ETF approval.\u00a0<\/p>\n
\u201cThis is why you can go really high all at one time,\u201d he added. <\/p>\n
Commenting on a similar $1 million-per-Bitcoin prediction by entrepreneur Balaji Srinivasan, Mow said that the impact of a spot Bitcoin ETF approval on prices will play out much faster than central bank money printing.<\/p>\n
\u201cMoney printing is like boiling the water very slowly,\u201d he explained.\u00a0\u201cIt takes years for that to permeate the economy.\u201d\u00a0<\/p>\n
Unlike previous rallies that led Bitcoin to new highs in a matter of months, Mow said the post-ETF approval rally to $1 million will be much quicker.\u00a0<\/p>\n
\u201cThe run up in 2017 was nine months to 20x,\u201d he recalled. <\/p>\n
\u201cGiven that we\u2019re going to have billions and billions pouring in all at once on ETF approvals, I think it\u2019s going to be a much shorter time frame,\u201d Mow said. <\/p>\n
To find out more about the rationale behind Mows\u2019 price prediction, check out the full interview\u00a0on the Cointelegraph YouTube channel, and don\u2019t forget to subscribe!<\/p>\n