Samson Mow said that Bitcoin BTC/USD could reach a staggering $3 million per coin in the next 10 years, based on an annual growth rate of 60%.
What Happened: In a conversation with Benzinga, Bitcoin advocate Mow, emphasized his belief in its uniqueness and the growing institutional demand for the leading digital currency.
Mow, the CEO of JAN3, is dedicated to educating governments about Bitcoin. He previously served as Blockstream’s chief strategy officer for five years. During his time at Blockstream, Mow provided guidance to El Salvador’s President Nayib Bukele on their bitcoin-backed bond worth $1 billion.
He stated, “So for me, it’s all about Bitcoin. And I think all the big institutional investment companies that are coming into this space are also interested in Bitcoin… It shows that there is a lot of institutional demand for Bitcoin.”
Bitcoin ETF And Market Impact: This statement comes as BlackRock has refiled its application with the SEC to launch a bitcoin exchange-traded fund (ETF), addressing concerns raised by the regulator. The asset manager has chosen Coinbase as the market for surveillance-sharing agreements to detect fraud. Additionally, Cboe Global Markets has also refilled paperwork on behalf of Fidelity Investments for a spot BTC ETF.
Regarding the potential approval of a Bitcoin ETF, Mow expressed optimism, stating that billions of dollars are awaiting entry into the market from pension funds and others.
Mow speculated, “There’s probably billions of dollars waiting on the sidelines to get into an ETF from pension funds and whatnot. And I think if it was approved, we would see bitcoin price skyrocket possibly to a million dollars per coin.”
When discussing the crypto market, Mow disregards altcoins like Ethereum ETH/USD, Ripple XRP/USD, or Stellar.
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“If you want to sell to the public, you have to register and have disclosures and transparency… A lot of these cryptocurrency projects are essentially unregistrable… and this is why the SEC is shutting down and clamping down because these things generally just harm investors.”
Memes and Distractions: Mow also touched on the phenomenon of meme coins like Pepe Coin PEPE/USD, Dogecoin DOGE/USD, Shiba Inu SHIB/USD, dismissing them as mere distractions and jokes. He stated, “They’re just a joke… If you want to gamble, you can always go to the casino and gamble.”
Finally, the discussion turned towards the upcoming Bitcoin halving events. Mow acknowledged the historical patterns but cautioned, “Bitcoin has a way of surprising you. So, it doesn’t always do what you expect it will do.”
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